![CDNS reduces interest rate due to lower PIB rates](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1472285349_1.jpg)
CDNS Reduces Interest Rate Due To Lower PIB Rates
Fahad Shabbir (@FahadShabbir) Published August 27, 2016 | 01:09 PM
![CDNS reduces interest rate due to lower PIB rates](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1472285349_1.jpg)
ISLAMABAD, (UrduPoint / Pakistan Point News -27th Augst,2016) :The Central Directorate of National Savings (CDNS) has reduced the interest rate on the investment bonds due to lower rates of Pakistan Investment board (PIB).
"The CDNS interest rates are linked with the policy of PIB, set by State Bank of Pakistan (SBP)", said a senior official of CDNS while talking to APP on Saturday. He said the country's policy rates were lowest in the history and so is the interest rate of CDNS. The CDNS is committed to facilitating the Pensioners, Senior Citizen and Widows under Pension Benefits and Behbood Funds according to which they get two percent above normal rates, he added.
He said the Central Directorate of National Savings (CDNS) has set Rs 200 billion net target for fiscal year (2016-17). The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 218 billion for the previous year 2015-16. He said that CDNS notified downward revision in the profit rates for various saving certificates which was applicable from August 01, 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", he added.
He said as per notification issued by the Federal government, the new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts have been revised down at an average of 7.33 per cent, 6.133 percent, 6.31 per cent and 3.84 per cent respectively.
The official said the profit rate of return for specialised Savings Schemes like Bahbood Savings Certificates and Pensioners' Benefit Account has also been revised and fixed at 9.12 per cent in order to provide safety net to specialised segments of the society. To a question, the official said that CDNS does not accept institutional investment, but only individual investment are encouraged to deposit for saving in the National Savings.
He said that "We have received no direction from International Monetary Funds (IMF) for revision of saving rates."
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Business
-
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
6 hours ago -
Chinese support for CPEC, development projects show deep love with Pakistan: Mushahid
6 hours ago -
G20 seeks common ground on taxing super-rich
6 hours ago -
Stocks rise as inflation data boosts rate cut hopes
7 hours ago -
Land of PSM to be used for establishment of SEZs: NA body told
9 hours ago -
European medicines watchdog rejects new Alzheimer's drug
9 hours ago
-
FBR committed to resolve taxpayer issues in KP, Chairman FBR assures Governor KP
11 hours ago -
Tanveer emphasizes role of SEZs in attracting investment
11 hours ago -
Russian central bank hikes key rate to fight inflation
11 hours ago -
SBP injects Rs9.545 trillion into market
11 hours ago -
PSX stays bearish, loses 439 points
11 hours ago -
US Fed's favored inflation measure cools further in June
12 hours ago