ISLAMABAD – Central Directorate of National Savings (CDNS) has achieved anet target of Rs 365 billion by May 16, of the fiscal year 2018-19 ascompared to last year’s collection of Rs 129 billion.
The total savings held by the CDNS stood at Rs 1, 701 billion by May 16,while the directorate had Rs 752 billion by the same date, a year ago, asenior official of the CDNS told APP here on Monday.
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.
The official said the CDNS notified the upward revision in the profit ratesfor various saving certificates, which has been applicable from January 1,increasing the trend of people investing more at the CDNS.
“The instant revision was made in the backdrop of the current marketscenario and in accordance with the government’s policy to provide amarket-based competitive rate of return to the investors of NationalSavings”, the official said.
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He said, as per the notification issued by the federal government, the newrates for Defense Savings Certificate, Special Saving Certificate, RegularIncome Certificate, Savings Accounts, Shuhada Family Welfare Account havebeen revised upward at an average of 12.47 per cent, 11.40 per cent, 12 percent, 8.5 per cent,14.28 per cent 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 per cent respectively in orderto provide a safety net to specialized segments of the society.
