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National Savings achieves target of Rs336b for April

National Savings achieves target of Rs336b for April

ISLAMABAD: Central Directorate of National Savings (CDNS) has achieved a net target of Rs336 billion for April of the fiscal year 2018-19 as compared to last year’s collection of Rs115 billion.

The total savings held by the CDNS stood at Rs1672 billion as of April 20, while the directorate had Rs746 billion by the same date, same period last year, a senior official of the CDNS told media on Tuesday.

Due to the rationalisation 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, the official added.

The official added the CDNS notified the 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.

He further said, as per the notification issued by the federal government, the new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare Account have been revised upward at an average of 12.47 per cent, 11.40 per cent, 12 per cent, 8.5 per cent, 14.28 per cent respectively.

The official said 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 14.28 per cent respectively in order to provide a safety net to specialized segments of the society.

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