CDNS sets Rs 200 bln target for FY 2016-17

1032

ISLAMABAD, Aug 8 (APP): The Central Directorate of National Savings (CDNS) has set Rs.200 billion net target for fiscal year (2016-17).

The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs. 218 billion for the previous year 2015-16, a senior official of CDNS told APP here on Monday.

CDNS notified downward revision in the profit rates for various saving certificates which was applicable from August 01, 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 down at an average of 7.33 per cent, 6.133 per cent, 6.31 per cent and 3.84 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 and fixed at 9.12 per cent in order to provide safety net to specialized segments of the society.

The proposal to launch registered prize bonds which offer coupons as well as prizes is also under consideration, he said.

Regarding total collection of amount by the CDNS, he said that National Savings has achieved the revised target of Rs 218 billion set for the financial year 2015-16 by June 30, this year.