ISLAMABAD: The Central Directorate of National Savings (CDNS) generated Rs111 billion as against the proportionate target of Rs125 billion till November 28, during the current fiscal year (2015-16).
An official of the CDNS informed APP, the estimated target of the national savings for the year 2015-16 has been set for Rs. 302 billion. Likewise, he said during the first quarter of current fiscal year, the CDNC collected Rs. 82 billion as against the proportionate target of Rs. 66 billion. The official said the federal government has also started making adjustments in the profit rates on new saving schemes from December 01, 2015.
He said 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.
As per notification issued by the federal government, the new rates for Special Savings Certificates, Regular Income Certificates, Defence Savings Certificates and Savings Accounts have been fixed at average 6.60 percent,7.536 percent, 8.68 percent and 4.15 percent 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 and fixed at 10.56 percent in order to provide safety net to specialized segment of society, the official said.
