ISLAMABAD – Central Directorate of National Savings (CDNS) has achieved anet target of Rs336 billion by April 20, of the fiscal year 2018-19 ascompared to last year’s collection of Rs115 billion.
The total savings held by the CDNS stood at Rs1,672 billion by April 20,while the directorate had Rs746 billion by the same date, a year ago, asenior official of the CDNS told APP here on Tuesday.
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 current market scenarioand in accordance with the government’s policy to provide a market-basedcompetitive rate of return to the investors of National Savings”, theofficial said.He said, as per the notification issued by the federal government, the newrates for Defence Savings Certificate, Special Saving Certificate, RegularIncome Certificate, Savings Accounts, Shuhada Family Welfare Account havebeen revised upward at an average of 12.47 percent, 11.40 percent, 12percent, 8.5 percent,14.28 percent respectively.
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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.
He said the proposal to launch registered prize bonds, which offer couponsas well as prizes, was also under consideration.
