The Central Directorate of National Savings (CDNS) has collected Rs 107 billion against the proportionate target of Rs 113 billion till November 14, during the current fiscal year (2015-16), a CDNS official said on Monday.
The target for national savings for the year 2015-16 has been set for Rs 302 billion.
Likewise, the official said, during the first quarter of the current fiscal year the CDNC collected Rs 82 billion against the proportionate target of Rs 66 billion.
The official said that the federal government had also started making adjustments in the profit rates on new savings schemes from October 1, 2015.
He said the instant revision was made in the backdrop of the 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 schemes.
As per the notification issued by the federal government, the new rates for Special Savings Certificates, Regular Income Certificates, Defence Savings Certificates and Savings Accounts have been fixed at average 7 per cent, 7.8 percent, 8.87 per cent and 4.25 per cent respectively.
The official said that the profit rate of return for specialized savings schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account had also been revised and fixed at 7.848 per cent and 10.8 per cent in order to provide safety net to specialized segments of society, the official said.
He said that a proposal to launch registered prize bonds offering coupons as well as prizes was also under consideration.
