ISLAMABAD, Pakistan: Central Directorate of National Savings (CDNS) collected Rs 201 billion against the proportionate target of Rs 253 billion by May 5, during the current fiscal year (2015-16), a CDNS official said on Thursday.
The official said that the estimated target of the national savings for the year 2015-16 had been set at Rs 304 billion.
Likewise, he said during the first quarter of the current fiscal year, the CDNS collected Rs 82 billion against the proportionate target of Rs 66 billion.
He said the CDNS has also announced a downward revision in the profit rates for various saving certificates applicable from April 1, 2016.
“The instant revision was made in the backdrop of the 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”, he said.
He said as per notification issued by the federal government, the new rates for Defense Savings Certificates, Special Savings Certificates, Regular Income Certificates, Savings Accounts have been fixed revision down at an average of 7.80 percent, 6.07 percent, 6.632 percent and 4 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 and fixed at 9.60 percent in order to provide a safety net to specialized segments of the society.
He said the proposal to launch registered prize bonds that offer coupons as well as prizes is also under consideration.
Source: APP
