CDNS increases profit rates for saving certificates

Latest Update: October 12, 2016 | 253 Views

ISLAMABAD: The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates which has been applicable from October, 2016.

The instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of National Savings, a senior official of the CDNS told APP.

He said as per notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, have been revised upward at an average of 7.44 percent, 5.8 percent, 6.36 percent and 3.90 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 up and fixed at 9.36 percent in order to provide safety net to specialized segments of the society.

He said the proposal to launch registered prize bonds which offers coupons as well as prizes is also under consideration.

Regarding total collection of amount by the CDNS, he said National Savings has achieved the revised target of Rs 48 billion set for the financial year 2016-17 by September 30, this year.



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