CDNS receives Rs 660 billion free deposits by March 28

ISLAMABAD: The Central Directorate of National Savings (CDNS) has reached to the free deposit of Rs 660 billion in last three quarters from July 1 to March 28 in the current Fiscal Year (FY) 2020-21.

The CDNS has set Rs 249 billion annual collection target collection from July 1 to June 30 for the year 2020-21 as compared to Rs 352 billion for the previous year’s 2019-20 to enhance savings and promote saving culture in the country, senior official of CDNS told APP here on Tuesday.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year’s 2018-19, he said.

Replying to a question on new bonds launched by CDNS, he said that CDNS has received an increased investment of Rs 38 billion by March 25 from the newly introduced register Premium Price Bond of Rs 40,000 and Rs 25000 introduced by the institution.

In the last one and a half years, investors have withdrawn Rs 380 billion after the suspension of the said bond, he said.

New registered Premium Prize Bonds of Rs 40,000 and Rs 25000 were registered by State Bank of Pakistan and en-cashed only by the registered financial institution under the SBP, he said.

While replying to another question, he informed, “We paid the encashment of Rs 122 billion by March 25 to the investors against the suspension of prize bonds of Rs 25,000.

He said the federal government recently suspended the prize bonds of Rs 25,000 and had given a six-month deadline to investors to en-cash their total savings of Rs 160 billion.

The senior official of CDNS said National Savings has paid Rs 122 billion to their customers in the last three months and remaining 38 billion out of total Rs 160 billion would also be paid by May 30, 2021, he said.

He informed that the government has already canceled prize bonds of Rs 40,000 and CDNS repaid to the investors the encashment worth of Rs 258 billion in previous FY 2019-20, he said.

He said CDNS has opened new avenues for public and private investment to document the country’s economy and ensure transparency in the financial system.

Replying to another question on current revision of CDNS certificate profit rates, he said CDNS has maintained the same interest rate on the savings certificates investment due to the market situation and as per Pakistan Investment Bonds (PIB) policy decision.

He informed that the CDNS interest rates were linked with the policy of PIB, set by State Bank of Pakistan (SBP).