ISLAMABAD: The Central Directorate of National Savings (CDNS) has hopedsimilar revision in the profit rates for various saving certificates, whichhas been applicable from January 1, increasing the trend of peopleinvesting more at the CDNS.
“The The similar revision was made in the backdrop of current marketscenario and in accordance with the government’s policy to provide amarket-based competitive rate of return to the investors of NationalSavings”, Senior official of CDNS told APP here on Sunday.
He said, in the current rates for Defence Savings Certificate, SpecialSaving Certificate, Regular Income Certificate, Savings Accounts, ShuhadaFamily Welfare Account has observed no revision and stand same at anaverage of 12.47 percent, 11.40 percent, 12 percent, 8.5 percent,14.28percent respectively.
The official said the profit rate of return for specialized savings schemeslike “Bahbood Savings Certificates” and “Pensioners’ Benefit Account” hasalso been revised upward and fixed at 14.28 percent respectively in orderto provide a safety net to specialized segments of the society.
Central Directorate of National Savings (CDNS) has achieved a net target ofRs 350 billion by May, 10 of the fiscal year 2018-19 as compared to lastyear’s collection of Rs120 billion.
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The total savings held by the CDNS stood at Rs 1,686 billion by May ,10 ,while the directorate had Rs 745 billion by the same date, a year ago, hesaid.
Due to the rationalization of CDNS certificates’ rates, the directorate hascollected more savings than expected; therefore it will increase the settarget of Rs 224 billion for May 2019.
