CDNS achieves target of Rs.218 bln set for 2015-16

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ISLAMABAD, Jul 15 (APP):The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 218 billion set for the financial year 2015-16 by June 30, this year.

According to official sources here on Friday, during the first three quarters of last fiscal year, some Rs 166 billion were collected against the target of Rs 182 billion.

The CDNS also notified downward revision in the profit rates for various saving certificates 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”,.

As per notification issued by the federal government, the new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate and Savings Accounts had been fixed revision down at an average of 7.70 percent, 6.14 percent, 6.56 percent and 04 percent respectively.

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.

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