National Savings Manages a Massive 126% Increase in Collection

The Central Directorate of National Savings (CDNS) has achieved its net target of Rs. 217 billion during the first eight months (July-February) of the current fiscal year (2018-2019)

This is a record surge of 126 percent in the department’s history as its previous years’ collection stood at Rs. 96 billion.

CDNS’ total savings by the end of February this year were Rs. 1,376 billion as compared to Rs. 726 billion last year, a senior official of CDNS told APP on Friday.

The official said this was possible due to the rationalization of the CDNS certificate rates, adding that the department has now revised its target to Rs. 224 billion for April 2019.

He said the department increased the profit rates for various saving certificates from January 2019, attracting more and more people towards investing with CDNS.

“The instant revision was made in the backdrop of current market scenario and by the government’s policy to provide a market-based competitive rate of return to the investors of National Savings,” the official said.

He said that the new rates for Defense Savings Certificate and Special Saving Certificate were raised by 12.47 percent and 11.40 percent respectively.

Similarly, the rates for Regular Income Certificate, Savings Accounts, and Shuhada Family Welfare account have also been revised upward at an average of 12 percent, 8.5 percent, 14.28 percent.

He said the government was also considering the proposal to launch registered prize bonds which, besides prizes, also offer coupons.

Via Times of Islamabad