CDNS revises profit rates for saving certificates

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ISLAMABAD, Jun 8 (APP):The Central Directorate of National Savings (CDNS) on Wednesday notified downward revision in the profit rates for various saving certificates which was applicable from June 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”, a senior official of the CDNS told APP.

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 fixed revision down at an average of 7.70 percent, 6.14 percent, 6.56 percent and 04 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 and fixed at 9.60 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.

Regarding total collection of amount by the CDNS, the official said that an amount of Rs.206 billion against the proportionate target of Rs 278 billion for year 2015-16 was collected by May 31.

“The estimated target of the national savings for the year 2015-16 had been set at Rs 302 billion”, he added.

Likewise, he said during the first quarter of the current fiscal year, the CDNC collected Rs 82 billion against the proportionate target of Rs 66 billion.