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CDNS collects Rs 166b against target of Rs 202b

CDNS collects Rs 166b against target of Rs 202b

ISLAMABAD (APP): The Central Directorate of National Savings (CDNS) collected Rs 166 billion by Feb 29 against the proportionate target of Rs202 billion during the current fiscal year (2015-16).

The official said that the estimated target of the national savings for the year 2015-16 had been set at Rs 302b. Likewise, he said during the first quarter of the current fiscal year, the CDNC collected Rs 82b against the proportionate target of Rs 66b. The official said that the federal govt had also started making adjustments in the profit rates on new saving schemes from Dec 1, 2015.

He said that 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.

As per notification issued by the federal government, the new rates for Special Savings Certificates, Regular Income Certificates, Defence Savings Certificates and Savings Accounts have been fixed at an average of 6.60 per cent, 7.536 per cent, 8.68 per cent and 4.15 per cent respectively.