Rs355bn collected by National Savings by June 15

ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved a total collection of Rs355 billion up till June 15 of the current fiscal year.

CDNS had set an annual collection target of Rs360 billion for the year 2019-20 as compared to Rs350 billion for 2018-19 in a bid to enhance savings and promote a culture of savings in the country, a senior CDNS official told APP on Tuesday.

The directorate has also revised and increased the gross target of Rs1,580 billion for the fiscal year 2019-20, he said.

Replying to a question regarding the current revision of CDNS certificate profit rates applicable from June 02, 2020, he said that CDNS has reduced the interest rate by one percent on savings certificates investment due to the lower rate offered on Pakistan Investment Bonds (PIB).

He informed that the CDNS interest rates are linked with the PIB policy which is set by State Bank of Pakistan (SBP).

Recently CDNS cut profit rates for Behbood Savings Certificates (BSC), Pensioner Benefit Accounts (PBA) and Shuhada Family Welfare Accounts from 10.32 per cent to 9.84 per cent.

Similarly, the profit rate for Defense Savings Certificates (DSC) was reduced from 8.54 per cent to 8.05 per cent and interest rate on Regular Income Certificates was cut from 8.28  per cent to 7.44 percent.

Additionally, profit rate for a three month Short Terms Saving Certificate was cut from 7.80 per cent to 7.72 per cent , from 7.50 per cent to 7.36 percent for a six month certificate and increased from 6.95 per cent to 7.30 per cent for a 12 month certificate.

The CDNS also reduced profit rates on Savings Account from 7 per cent to 6.50 per cent.