Tuesday , March 2 2021
Breaking News
Home / Breaking News / CDNS reaches at Rs530b free deposits
CDNS reaches at Rs530b free deposits

CDNS reaches at Rs530b free deposits

ISLAMABAD: The savings of the Central Directorate of National Savings (CDNS) has reached to the free deposit of Rs530 billion during the last 7 months in the current Fiscal Year (FY) 2020-21.

The Central Directorate of National Savings (CDNS) had compensated an amount of Rs258 billion to its investors after the termination of major prize bonds of Rs40,000 and also rewarded the amount of Rs101 billion in recent cancellation of prize bonds of Rs25000, senior official of CDNS said.

He said that the federal government had recently suspended the prize bonds of Rs25,000 and had given a six-month deadline to investors to en-cash their savings of Rs160 billion.

The government has already canceled prize bonds of Rs40,000 and CDNS repaid to the investors the en-cashment worth of Rs158 billion in previous FY 2019-20, he said.

The CDNS has set Rs249 billion annual collection target for the year 2020-21 as compared to Rs352 billion for the previous year’s 2019-20 to enhance savings and promote saving culture in the country.

The CDNS had set Rs352 billion annual collection target for the year 2019-20 as compared to Rs350 billion for the previous year’s 2018-19, he said.

The directorate had also revised and increased the gross target of Rs1570 billion for the fiscal year 2019-20, he said.

Replying to a 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).

He said the rate of profit on Defense Saving, regular income saving, special saving and short-term certificates remained the same.

The senior official said that the profit rate on special saving certificates had remained the same at 7.77 percent. He informed that on Defense Saving Certificates, the rate is also the same at 8.49 percent.

The profit rate on regular income saving certificates remained the same at 8.04 percent and on Pension and Shuhada Welfare certificates, the rate of profit has been retained. The rate of profit on Short Term certificates also has been the same.

The three-month certificates now carry a profit rate of 6.66 percent, on six-month certificates rates same at 6.80 percent and on nine-month certificates the rate retained the same at 6.8 from 6.2. Replying to a question, he said CDNS did not accept institutional investment, but only individual investment was encouraged to deposit for saving in the National Savings.