The Central Directorate of National Savings (CDNS) has made as record net investment of Rs 250 billion this year, its Director General Zafar M Shaikh said. Talking to APP here on Wednesday, he said that profit rates on National Saving Certificates (NSCs) have also been revised downwards up to 1.90 percent on various schemes with effect from July 1, 2009.
"We are revising the profits on quarterly basis and last year three times the profit rates on National Saving Certificates (NSCs) were revised upward," he remarked. Zafar M Shaikh said that government has linked the revision of profit with the trends of Pakistan Investment Bonds (PIBs) adding said if they will increase the profit "We will also increase and if they reduce it, we will follow the same."
The Director General of the CDNS said that from July 1, this year, the directorate has automated 44 of its branches in first phase while in the second phase 64 more branches would be computerised for online transactions to facilitate the customers. Zafar M Shaikh said that the 44 branches which were automated are carrying out 70 to 80 percent of the business of the directorate.