ISLAMABAD: The Central Directorate of National Savings (CDNS) has achievedthe net target of Rs217 billion during first eight months (Jul-Feb) ofthe financial year 2018-19, as compared to the collection of Rs96 billionduring the same period last year, showing a surge of 126pc.
The total savings held by the CDNS stood at Rs1,376 billion as of February28 while the directorate had Rs726 billion by the same date a year ago,a senior official of CDNS said on Friday.
Owing to the rationalisation of CDNS certificates’ rates, the directoratereceived more than expected collection, therefore, it will set a revisedtarget of Rs224 billion for April 2019.
The CDNS had notified an upward revision in the profit rates for varioussaving certificates that were applicable from January 1, 2019. The stepencouraged the people to invest more with CDNS.
“The instant revision was made in the backdrop of current market scenarioand in accordance with the government’s policy to provide market-basedcompetitive rate of return to the investors of national savings,” theofficial stated.
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As per the notification issued by the federal government, the new rates forDefence Savings Certificate, Special Saving Certificate, Regular IncomeCertificate, Savings Accounts, and Shuhada Family Welfare account have beenrevised upward at an average of 12.47pc, 11.40pc, 12pc, 8.5pc and14.28pcrespectively.
The profit rate of return for specialised savings schemes like BahboodSavings Certificates and Pensioners’ Benefit Account has also been revisedupward and fixed at 14.28pc in order to provide a safety net to thespecialised segments of society.
The proposal to launch registered prize bonds, which offer coupons as wellas prizes, was also under consideration.
