CDNS receives Rs43bln for premium prize bonds

ISLAMABAD: The Central Directorate of National Savings (CDNS) received Rs43 billion of investments for its premium prize bonds of Rs40,000 and Rs25,000 between July 1 and April 20 of 2020/21 fiscal year, a senior official told APP on Saturday.

In the last one and a half years, investors have withdrawn Rs 380 billion after the suspension of the unregistered bonds of the same denominations The official said premium prize bonds of Rs40,000 and Rs25,000 are registered by State Bank of Pakistan (SBP) and en-cashed only by the registered financial institution under the SBP.

“We paid the encashment of Rs126 billion by April 20 of this month to the investors against the suspension of prize bonds of Rs 25,000,” he said.

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

The senior official of CDNS said National Savings paid Rs126 billion to their customers in the last four months and remaining Rs34 billion out of total Rs 160 billion would also be paid by May 30, 2021, he said.

He informed that the government has already canceled prize bonds of Rs40,000 and CDNS repaid to the investors the encashment worth of Rs 258 billion in previous FY2019-20, he said.

He said CDNS has opened new avenues for public and private investment to document the country’s economy and ensure transparency in the financial system.

The senior official said CDNS has received to the free deposit of Rs667 billion in the last three quarters from July 1 to April 20.

CDNS has set Rs249 billion annual collection target collection from July 1 to June 30 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, he said.

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.

Replying to another 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 policy decision. The CDNS interest rates were linked with the policy of PIB, set by the SBP.