*ISLAMABAD: The Central Directorate of National Savings (CDNS) has collected Rs300 billion during the first nine months of the current fiscal year.*
CDNS collection surged to 68 percent as compared to same period of last year’s collection of Rs110 billion.
According the an official of CDNS, the total savings held by the CDNS stood at Rs1659 billion by March 31 while the directorate had Rs740 billion by same date on last year.
He said, “Due to rationalization of CDNS certificates’ rates, the directorate is more than expected collection, therefore it will revise set target of Rs224 billion for May 2019, upward.”
The official said that the CDNS notified upward revision in the profit rates for various saving certificates, which had been applicable from January 1, 2019.
He further said, “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.”
According to a notification issued by the federal government, the new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare Account had been revised at an average of 12.47 percent, 11.40 percent, 12 percent, 8.5 percent,14.28 percent respectively, he added