A net target of Rs.365 billion is reported to have been achieved by Central Directorate of National Savings (CDNS) as of May 16. It is a 183% increase for the current fiscal year compared to Rs.129 billion collections that took place last year.
Due to the rationalization of CDNS certificates’ rates, the directorate has collected more savings than expected; therefore it will increase the set target of Rs. 224 billion for May 2019.
According to a senior official, the total savings held by the CDNS stood at Rs. 1,701 billion by May 16, while the directorate had Rs. 752 billion by the same date, a year ago.
The official said that CDNS had announced an upward revision in the profit rates for various saving certificates, which has been applicable from January 1, increasing the trend of people investing more at the CDNS.
“The instant revision was made in the backdrop of the 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”, the official said.
As per the notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare Account have been revised upward at an average of 12.47 percent, 11.40 percent, 12 percent, 8.5 percent, 14.28 percent respectively.
The official said that the profit rate of return for specialized savings schemes like “Bahbood Savings Certificates” and “Pensioners’ Benefit Account” has also been revised upward and fixed at 14.28 percent in order to provide a safety net to specialized segments of the society.