CDNS collects Rs 38 bln by Sept 20

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ISLAMABAD, Sept 24 (APP): The Central Directorate of National Savings (CDNS) collected Rs 38 billion by September 20 during the current fiscal year (2016-17).

According to a senior CDNS official, the target for the year 2016-17 was set at Rs 228 billion as the Directorate was able to achieve the target of Rs 218 billion for the previous fiscal year.

Talking to APP on Saturday, the official said the CDNS had reduced the rate of return on investment bonds due to low rates of Pakistan Investment Board (PIB).

“The CDNS interest rates are linked with those of the PIB announced by State Bank of Pakistan (SBP),” he added.

He said the CDNS notified downward revision in the profit rates for various saving certificates, which would be applicable from August 1.

“The 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.

The new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate and Savings Accounts were 7.33 per cent, 6.133 per cent, 6.31 per cent and 3.84 per cent respectively, he added.

Similarly, the rate of return for specialised savings schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account was fixed at 9.12 per cent, he added.

Replying to a question, the official said the CDNS was committed to facilitate the pensioners, senior citizens and widows and that was why they got two per cent above normal rates on Pension Benefit Account and Behbood Fund.

To another question, he said the CDNS did not accept any institutional investment. Only individuals were encouraged to deposit their savings in its schemes, he added.