ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieveda net target of Rs. 307 billion by April 15 of FY 2018-19 as compared tolast year’s collection of Rs. 112 billion.
The total savings held by the CDNS stood at Rs. 1,666 billion by April 15,while the directorate had Rs. 743 billion by the same date, a year ago, asenior official of CDNS told APP here on Sunday.
Due to the rationalization of CDNS certificates’ rates, the diretorate hascollected more savings than expected, therefore it will increase the settarget of Rs. 224 billion for May 2019.
The official said that the CDNS notified the upward revision in the profitrates for various saving certificates, which has been applicable fromJanuary 1, 2019, increasing the trend of people investing more at 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.
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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.
The official said that the profit rate of return for specialized savingsschemes like “Bahbood Savings Certificates” and “Pensioners’ BenefitAccount” has also been revised upward and fixed at 14.28 percentrespectively in order to provide a safety net to specialized segments ofthe society.
He said that the proposal to launch registered prize bonds, which offercoupons as well as prizes, was also under consideration.
