ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs70 billion set for the financial year 2016-17 by November 3.
The target for the year 2016-17 was set at Rs 228 billion as the directorate was able to achieve the target of Rs218 billion for the previous fiscal year, said a senior CDNS official here on Monday. The CDNS has notified upward revision in the profit rates for various saving certificates which has been applicable from October 3, 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 added. He said that 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 percent, 6.36 percent and 3.90 percent respectively.
The official said the profit rate of return for specialised 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 specialised segments of the society. He said that the proposal to launch registered prize bonds which offer coupons as well as prizes is also under consideration.
