CDNS receives Rs 38 billion by newly introduced schemes

ISLAMABAD: Central Directorate of National Savings (CDNS) has received an increased investment of Rs 38 billion by March 25 from the newly introduced register Premium Price Bond of Rs 40,000 and Rs 25000 introduced by the institution.

In the last one and a half years, investors have withdrawn Rs 380 billion after the suspension of the said bond, senior official of CDNS told APP here on Monday.

New registered Premium Prize Bonds of Rs 40,000 and Rs 25000 were registered by State Bank of Pakistan and en-cashed only by the registered financial institution under the SBP, he said.

While replying to another question, he informed, “We paid the encashment of Rs 122 billion by March 25 to the investors against the suspension of prize bonds of Rs 25,000.

He said the federal government recently suspended the prize bonds of Rs 25,000 and had given a six-month deadline to investors to en-cash their total savings of Rs 160 billion.

The senior official of CDNS said National Savings has paid Rs 122 billion to their customers in the last three months and remaining 38 billion out of total Rs 160 billion would also be paid by May 30, 2021, he said.

He informed that the government has already canceled prize bonds of Rs 40,000 and CDNS repaid to the investors the encashment worth of Rs 258 billion in previous FY 2019-20, he said.

He said CDNS has opened new avenues for public and private investment to document the country’s economy and ensure transparency in the financial system.

Replying to another question, he said CDNS has reached a fresh deposit of Rs 540 billion during the last seven months in the current Fiscal Year (FY) 2020-21.

CDNS has set Rs 249 billion annual collection target collection from July 1 to June 30 for the year 2020-21 as compared to Rs 352 billion for the previous year’s 2019-20 to enhance savings and promote saving culture in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year’s 2018-19, he said.

Replying to a question on current revision of CDNS certificate profit rates, he said CDNS has maintained the same interest rate on the savings certificates investment due to the market situation and as per Pakistan Investment Bonds (PIB) policy decision.

He informed that the CDNS interest rates were linked with the policy of PIB, set by State Bank of Pakistan (SBP).

The senior official said rate of profit on Defense Saving, regular income saving, special saving and short-term certificates remained the same.

He said the profit rate on special saving certificates had remained the same at 7.77 percent.

He informed that on Defense Saving Certificates, the rate is also the same at 8.49 percent.

The profit rate on regular income saving certificates remained the same at 8.04 percent and on Pension and Shuhada Welfare certificates, the rate of profit has been retained. The rate of profit on Short Term certificates also has been the same.

The three-month certificates now carry a profit rate of 6.66 percent, on six-month certificates rates same at 6.80 percent and on nine-month certificates the rate retained the same at 6.8 from 6.2.

Replying to a question, he said CDNS did not accept institutional investment, but only individual investment was encouraged to deposit for saving in the National Savings.