ISLAMABAD, Sep 19 (APP): The Central Directorate of National Savings (CDNS) collected Rs.36 billion against revised target of Rs 228 billion by September 5, during current fiscal year (2016-17).
The National Savings has set the target for year 2016-17 at Rs 228 billion, a senior official of CDNS told APP on Monday.
Replying to a question, he said the CDNS has reduced the interest rate on the investment bonds due to lower rates of Pakistan Investment Board (PIB).
“The CDNS interest rates are linked with the policy of PIB, set by State Bank of Pakistan (SBP)”, he added.
He said the country’s policy rates were lowest in the past and so was the interest rate of CDNS.
The CDNS is committed to facilitating the Pensioners, Senior Citizen and Widows under Pension Benefits and Behbood Funds according to which they get two percent above normal rates, he added.
The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 218 billion for the previous year 2015-16.
Replying to another question, he said that CDNS notified downward revision in the profit rates for various saving certificates which was applicable from August 1, 2016.
“The instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of National Savings”, he added.
He said as per notification issued by the federal government, the new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts have been revised down at an average of 7.33 per cent, 6.133 percent, 6.31 per cent and 3.84 per cent respectively.
The official said the profit rate of return for specialised Savings Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 9.12 per cent in order to provide safety net to specialised segments of the society.
To a question, the official said that CDNS does not accept institutional investment, but only individual investment are encouraged to deposit for saving in the National Savings.