CDNS expects similar profit rates for various saving certificates

ISLAMABAD: The Central Directorate of National Savings (CDNS) has hoped similar 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 The similar 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”, Senior official of CDNS told APP here on Sunday.

He said, in the current rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare Account has observed no revision and stand same at an average of 12.47 percent, 11.40 percent, 12 percent, 8.5 percent,14.28 percent 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 percent respectively in order to provide a safety net to specialized segments of the society.

Central Directorate of National Savings (CDNS) has achieved a net target of Rs 350 billion by May, 10 of the fiscal year 2018-19 as compared to last year’s collection of Rs120 billion.

The total savings held by the CDNS stood at Rs 1,686 billion by May ,10 , while the directorate had Rs 745 billion by the same date, a year ago, he said.

Due to the rationalization 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.