CDNS collects Rs50b by Oct 10


Islamabad—The Central Directorate of National Savings (CDNS) collected Rs50 billion set for the financial year 2016-17 by October 10, this year. The target for the year 2016-17 was set at Rs228 billion as the Directorate was able to achieve the target of Rs218 billion for the previous fiscal year, said a senior CDNS official, talking to APP here on Thursday. The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates which has been applicable from October 03, 2016.
“The instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of National Savings”, he said.
He said as per notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, have been revised upward at an average of 7.44 percent, 5.8 per cent, 6.36 per cent and 3.90 per cent respectively.
The official said the profit rate of return for specialized Savings Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised up and fixed at 9.36 percent in order to provide safety net to specialized segments of the society.—APP