CDNS Collects Rs.33bn By August 30 In Current Fiscal Year
Rukhshan Mir (@rukhshanmir) Published September 01, 2016 | 02:35 PM
ISLAMABAD, (UrduPoint / Pakistan Point News -1st Sep,2016) : The Central Directorate of National Savings (CDNS) collected Rs. 33 billion against revised target of Rs 228 billion by August,30 during current fiscal year (2016-17). The National Savings has set the target for year 2016-17 at Rs 228 billion, a Senior official of CDNS told APP on Thursday. Replying to a question,he said the 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)",he added. 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.
The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 218 billion for the previous year 2015-16. Replying to another question, 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.
Related Topics
Recent Stories
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
More Stories From Pakistan
-
Decayed body recovered from house
10 minutes ago -
KP to reconsider media influencers project
10 minutes ago -
Romina, Swiss official vow to bolster agriculture resilience collaboration
10 minutes ago -
Foolproof security measures taken for Iranian President visiting Karachi
10 minutes ago -
Iranian President's visit to further strengthen mutual relations: Governor
10 minutes ago -
Quetta Administration clears 15 Nullahs so far during cleanliness drive: Hamza
19 minutes ago
-
Drug dealers to be dealt with iron hands: Commissioner Mardan
20 minutes ago -
Punjab music competition starts
30 minutes ago -
Nine shops sealed, items confiscated
30 minutes ago -
Governor urges young doctors to serve humanity
30 minutes ago -
Mithi: Seminar held to raises awareness about consumer protection act 2014
30 minutes ago -
CM welcomes Iranian President
40 minutes ago