CDNS set target of Rs220bn for 2017-18

ISLAMABAD: Central Directorate of National Savings (CDNS) has set the net target of Rs 220 billion for the current financial year 2017-18.

CDNS has achieved the revised target of Rs 230 billion set for the financial year 2016-17 by June 30, this year, a senior official of CDNS told APP here on Friday.

He said that CDNS would reviews the profit rates for various saving certificates by August 2017.

The official said the CDNS had notified similar profit rates for different saving certificates to benefit its investors especially the widow and pensioners, which had been unchanged from June 1, 2017.

"The consistency in previous rates 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", he said.

He said as per notification issued by the federal government, the rates for Defence Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Savings Accounts had been revised upward at an average of 7.54 percent, 6.03 percent, 6.54 percent and 3.95 percent respectively.

The official said the profit rate of return for specialized savings schemes like Bahbood Savings Certificates and Pensioners' Benefit Account had also been revised up and fixed at 9.36 percent to provide safety net to specialized segments of the society.

The CDNS had launched its modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers, he said.