CDNS collects Rs 76 billion by Oct 31

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ISLAMABAD, Nov 8 (APP):The Central Directorate of National Savings (CDNS) collected Rs 76 billion in first quarter of current fiscal year from July, 01 to October,31 2016-17.
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, a senior CDNS official said here on Tuesday.
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 3, 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 Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, have been revised upward at an average of 7.44 per cent, 5.8 per cent, 6.36 per cent and 3.90 per cent 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 per cent 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.