The National Directorate for National Savings (CDNS) has reached a net target of Rs. 300 billion in the first nine months (July-March) of FY 2018-19 compared to last year’s Rs collection. 110 billion, showing an increase of 68 percent.
The total savings maintained by the CDNS are Rs. 1.659 billion as of March 31, while management had Rs. 740 billion on the same date, a year ago, a senior CDNS official told the APP yesterday.
National Saving Reaches Rs. 300 Billion Targets in Last 9 Months
The official said the CDNS informed the upward adjustment in profit rates for various savings certificates, which applied January 1, 2019 from 1, increasing the tendency for people to invest more in the CDNS.
“The immediate review has been done in the context of the current market scenario and in line with the government’s policy of providing a competitive market-based return for investors of national savings,” the official said.
Due to the rationalization of CDNs tariffs, management has more savings than expected, which will increase the set at R target. 224 billion for May 2019.
He said that according to the notice issued by the federal government, the new rates for Savings Certificate Defense Certificate of Special Savings Certificate Regular Revenue, Savings Accounts, Account Family Welfare Shuhada were revised up to an average of 12.47 percent, 11.40 percent. 12 percent, 8.5 percent, 14.28 percent respectively.
The official said the rate of return on savings plans specialized such as “Saving Certificates Bahbood” and “Benefit Account Pensioners” was also revised upwards and set at 14.28 per cent respectively for providing a security network to specialized segments of society.
He said the proposal to launch mortgage-registered mortgage rates that offer coupons and pricing was also under consideration.