CDNS collects Rs66bn savings till Nov 02

ISLAMABAD: The Central Directorate of National Savings (CDNS) has accomplished Rs 66 billion savings target by November 02, 2017 as compared to Rs. 52 billion in the same month of the previous fiscal year.

The CDNS has set a Rs.250 billion net target for fiscal year (2017-18), a senior official of CDNS told APP here on Tuesday. The Central Directorate of National Savings (CDNS) had achieved the revised target of Rs 228 billion set for the financial year 2016-17 by June 30, this year.

Central Directorate of National Savings (CDNS) has notified similar profit rates for various saving certificates from October 1, 2017, to benefit its investors especially widows and pensioners.

“The consistency in previous rates is made in the backdrop of current market scenario and in accordance with the government’s policy to provide a market based competitive rate of return to the investors of National Savings”, he said.

He said as per the notification issued by the federal government, the rates for Defense Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Savings Accounts had been revised upward at an average of 7.54 per cent, 6.03 per cent,6.54 per cent and 3.95 per cent respectively.

The official said the profit rate of return for specialised savings schemes like Bahbood Savings certificates and Pensioners’ Benefit Account had also been revised up and fixed at 9.36 per cent to provide a safety net to specialised segments of the society.

The CDNS had launched its modernisation plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers, he said.

He said that around 800 branches would be computerised and links with modern Information Technology (IT) tools by June 30, 2018.

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