CDNS collects Rs 48 bln by Sept 30

CDNS collects Rs 50 bln by Oct 8

ISLAMABAD, Oct 6 (APP):The Central Directorate of National Savings (CDNS) collected Rs 48 billion set for the financial year 2016-17 by September 30, this year.

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,said a senior CDNS official,talking to APP here on Thursday.

The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates which has been applicable from October 03, 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 said.

He said as per notification issued by the federal government,the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, have been revised upward at an average of 7.44 percent,5.8 percent, 6.36 percent and 3.90 percent respectively.

The official said the profit rate of return for specialized Savings Schemes like Bahbood Savings Certificates and Pensioners’Benefit Account has also been revised up and fixed at 9.36 percent in order to provide safety net to specialized segments of the society.

He said that the proposal to launch registered prize bonds which offer coupons as well as prizes is also under consideration.