Saving certificates’ rates revised up

ISLAMABAD: The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for its various saving certificates to benefit investors, especially pensioners. The revised rates have been applicable from January 1. 

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 investors of the National Savings, a senior official of the CDNS told APP on Wednesday.

The official said the new rates for defence savings, special saving and account regular income certificates and savings accounts were revised up at an average of 7.54 percent, 6.03 percent, 6.54 percent and 3.95 percent, respectively.

The official said the profit rate of return for specialised savings schemes, like Bahbood savings certificates and pensioners benefit account was increased to 9.36 percent in order to provide safety net to specialised segments of the society.

He said CDNS collected Rs133 billion in the first seven months of the current fiscal year of 2016/17. The annual target is Rs228 billion. The directorate was able to achieve the target of Rs218 billion for the previous fiscal year, he added.

The official said CDNS launched its modernisation plan, in collaboration with the National Institutional Facilitation Technologies to facilitate customers. Now, senior citizens and pensioners would get the amount in their respective branches of the NBP.  Under the agreement with NIFT, the CDNS will also launch registered prize bonds and transfer profits to the customer accounts.  The official said the proposed structural reforms programme would gradually be launched in order to provide better service delivery to customers.