National savings jump 126% to Rs 217b in 8 months

ISLAMABAD - The Central Directorate of National Savings (CDNS) has achieved the net target of Rs 217 billion during first eight months (Jul-Feb) 2018-19 as compared to same period of last year’s collection of Rs 96 billion, showing a surge of126 per cent.

The total savings held by the CDNS stood at Rs 1376 billion by February 28 while the directorate had Rs 726 billion by the same date, a year ago, a senior official of CDNS told APP here Friday.

Due to the rationalization of CDNS certificates’ rates, the directorate is more than expected collection, therefore it will revise set target of Rs 224 billion for April 2019, upward.

The official said that the CDNS notified upward revision in the profit rates for various saving certificates which have been applicable from January 1, 2019, which increased the people’s trend of investing more with CDNS.

“The instant revision was made in the backdrop of 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 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 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 specialized 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 the safety net to specialized segments of the society.

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