CDNS collects Rs 65 billion by Oct 14

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ISLAMABAD, Oct 20 (APP): The Central Directorate of National Savings (CDNS) collected Rs 65 billion set for the financial year 2016-17 by October 14, 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 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 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.