CDNS receives Rs16 billion in savings

ISLAMABAD: The Central Directorate of National Savings (CDNS) achieved Rs16 billion worth of savings from July 1 to August 20.

The CDNS set Rs210 billion net target for the current fiscal year of 2018/19, a senior official of CDNS told APP on Friday. The CDNS notified for enhancing profit rates for various saving certificates from July 1 to benefit its investors especially the widow and pensioners.

The enhancement in previous profit rates 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, he said.

The official said as per notification issued by the federal government the rates for defence savings certificate, special saving certificate and account, regular income certificate and savings accounts were revised up at an average of 8.30 percent, 7.10 percent, 8.04 percent and 5 percent, respectively.

The official said the profit rate of return for specialised savings schemes like Bahbood savings certificates and pensioners’ benefit account were also revised up at 10.20 percent to provide safety net to specialised segments of the society.

The CDNS launched its modernisation plan in collaboration with National Institutional Facilitation Technologies to facilitate customers. He said around 800 branches would be computerised by October 30.