CDNS likely to revise interest rates

The Central Directorate of National Savings (CDNS) is likely to revise its rate of return within the next 5-7 days keeping in view the recent decision of State Bank of Pakistan (SBP) to reduce interest rates by 50 basis points effective from December 17, 2012.
Zafar Sheikh, Director General CDNS, told Business Recorder that CDNS was in the process of revising interest rates on its various savings schemes. "CDNS has always tried its best to provide the best market based return to its investors. I can assure you that even after revising these interest rates, the investors would be getting a better return on their investments as compared to returns an investor gets from commercial banks," the Director General said.
Last time, CDNS revised its profit rates on November 12, 2012. According to these revised rates, the interest rate on Regular Income certificates was revised downward to 10.56 percent, on Defense Saving Certificate to 11.04 percent, on Behbud Saving Certificate to 12.96 percent, on Short Saving certificates that mature after one year the interest rates were revised to 9.30 percent, on certificates that mature after 6 months the rates were revised to 9.25 percent and those short saving certificates that mature after 3 months the rates were revised to 9.20 percent.