CDNS collects Rs38 billion by September 20

ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs38 billion by September 20 during the current fiscal year (2016/17).

According to a senior CDNS official, the target for the year 2016/17 was set at Rs228 billion, as the Directorate was able to achieve the target of Rs218 billion for the previous fiscal year. Talking to APP, the official said the CDNS had reduced the rate of return on investment bonds due to low rates of Pakistan Investment Bond (PIB).  The CDNS interest rates are linked with those of the PIB announced by the SBP, he added.

The CDNS notified downward revision in the profit rates for various saving certificates, which would be applicable from August 1, he said. The revision was made in the backdrop of the current market scenario and in accordance with the government’s policy to provide market-based competitive rate of return to the investors of the National Savings, he added.