National savings jump 126pc to Rs217bn in eight months

ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved the net target of Rs217 billion during first eight months (Jul-Feb) of the financial year 2018-19, as compared to the collection of Rs96 billion during the same period last year, showing a surge of 126pc.

The total savings held by the CDNS stood at Rs1,376 billion as of February 28 while the directorate had Rs726 billion by the same date a year ago, a senior official of CDNS said on Friday.

Owing to the rationalisation of CDNS certificates’ rates, the directorate received more than expected collection, therefore, it will set a revised target of Rs224 billion for April 2019.

The CDNS had notified an upward revision in the profit rates for various saving certificates that were applicable from January 1, 2019. The step encouraged the people to invest more with CDNS.

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“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,” the official stated.

As per the notification issued by the federal government, the new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, and Shuhada Family Welfare account have been revised upward at an average of 12.47pc, 11.40pc, 12pc, 8.5pc and14.28pc respectively.

The profit rate of return for specialised savings schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised upward and fixed at 14.28pc in order to provide a safety net to the specialised segments of society.

The proposal to launch registered prize bonds, which offer coupons as well as prizes, was also under consideration.

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