Profit rates for saving certificates increased by CDNS

Profit rates for saving certificates increased by CDNS

ISLAMABAD: (APP) The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates to benefit its investors especially the pensioners, which has been applicable from January 1, 2017.

"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 here on Wednesday.

He said as per notification issued by the federal government , the new rates for Defense Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Savings Accounts have been revised upward at an average of 7.54 percent,6.03 percent, 6.54 percent and 3.95 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.

Replying to another question, he said that CDNS has collected Rs 133 billion till first month of third quarter of current fiscal year, from July 1, 2016 to January 31, 2017.

The target for the year 2016-17 was set at Rs 228 billion, while the directorate was able to achieve the target of Rs 218 billion for the previous fiscal year.

The Central Directorate of National Savings (CDNS) has launched its modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers,he said.

The official said that according to the Memorandum of Understanding (MoU) signed with National Institutional Facilitation Technologies (NIFT), now senior citizens and pensioners would get the amount credited in their accounts in National Bank of Pakistan (NBP).

After agreement with NIFT, the CDNS would launch registered prize bonds, besides transferring profit to the customers' accounts, he added.

The official said the proposed "Structural Reforms Programme" would be launched gradually in order to provide better service delivery to the customers.

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