CDNS increases profit rates for saving certificates

CDNS increases profit rates for saving certificates

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 October 3, 2016.

CDNS interest rates reduced

"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.

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.

CDNS collects Rs.215 billion in current fiscal year 

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.

Regarding total collection of amount by the CDNS,he said that National Savings has achieved the revised target of Rs 48 billion set for the financial year 2016-17 by September 30, this year.