ISLAMABAD – The Central Directorate of National Savings (CDNS) has achievedits net collection target of Rs. 112 billion from 1st July to December 20thfor the fiscal year 2019-20.
To increase and promote the saving culture in the country, CDNS had set anannual collection target of Rs. 350 billion for the year 2019-20 ascompared to Rs. 324 billion for 2018-19.
The directorate has also revised and increased the gross savings target ofRs. 1,570 billion for the fiscal year 2019-20, according to an official.
CDNS had collected Rs 410 billion by June 30, exceeding the target of Rs324 billion for the year while during 2017-18, a total of Rs. 155 billionwas collected. The total savings stood at Rs. 1,150 billion by June 30,2019, while the directorate had Rs. 774 billion savings by the same date ayear ago.
A senior official at National Savings said that due to the rationalizationof certificate rates, the directorate had collected more savings thanexpected, therefore CDNS has revised its target upwards from Rs. 224 to Rs.324 billion for FY 2018-19.
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The official further stated that CDNS has decreased the interest rate oninvestment bonds due to the current market situation. They were decreaseddue to lower rates of Pakistan Investment Board (PIB), he said.
“The National Savings interest rates are linked with the policy of PIB setby State Bank of Pakistan (SBP)” he added.
