ISLAMABAD – The Central Directorate of National Savings (CDNS) has achievedcollection net target of Rs116 billion by January, 10 of fiscal year2019-20.
The CDNS has set Rs 352 billion annual collection target for the year2019-20 as compared to Rs324 billion for the previous year’s 2018-19 toenhance savings and promoting saving culture in the country, seniorofficial of CDNS told APP here on Tuesday.
The directorate has also revised and increased the gross target of Rs1570billion for fiscal year 2019-20, he said. Replying to a question, he saidCDNS had collected Rs 410 billion by June 30, exceeding the target of Rs324 billion set for the year while during the preceding year of 2017-18,CDNS collected Rs155 billion.
The total savings held by the CDNS stood at Rs 1,150 billion by June 30while the directorate had Rs 774 billion savings by the same date, a yearago, he said.
The senior official said due to the rationalization of CDNS certificates’rates, the directorate had collected more savings than expected, thereforeCDNS revised its target upward from Rs 224 to 324 billion for FY 2018-19.
Replying to a question, he said CDNS has decreased the interest rate on theinvestment bonds due to current market situation.
The CDNS interest rates were decreased due to lower rates of PakistanInvestment Board (PIB), he said.
“The National Savings interest rates are linked with the policy of PIB setby State Bank of Pakistan (SBP)”, said a senior official of CDNS said.
Read Top Stories
CDNS has decided to change and lower the rates of different Certificatesfor January 1, 2020, he said.
The senior official said the new rate for Defence Savings Certificate hasbeen decreased to 10.40 while the rate of Special Saving Certificate to1.13, Regular Income Certificate to10.56 percent.
Likewise, the rates of savings accounts have been decreased to 8.60 percentwhile the rates of Bahbood Savings Certificates and Pensioners’ BenefitAccount were decreased to12.24 percent.
He said the government had also decided to un-change the short-term(3mo12nths), medium-term (6 months) and long-term (12 months) certificates.
Short-term certificates rates have been retained at percent to 19.76percent, medium-term at 12.60, while the rate of long-term certificate hasbeen same at 12.37 percent.
