Savings: CDNS collects Rs215b despite low rates
Savings: CDNS collects Rs215b despite low rates
APP
July 11, 2016
Less than a minute read
ISLAMABAD:
The Central Directorate of National Savings (CDNS) collected Rs215 billion by June 25 against the revised target of Rs218 billion during the recently ended fiscal year (2015-16). A senior official of CDNS said during the first three quarters of the fiscal year, the CDNS had collected Rs166 billion against the target of Rs182 billion. The CDNS notified a downward revision in the profit rates for various savings certificates that were applicable from June 1, 2016. “The instant revision was made in the backdrop of current market scenario and in accordance with government’s policy of providing market-based competitive rate of return for the investors of national savings schemes,” he said, according to a notification issued by the federal government.
Published in The Express Tribune, July 12th, 2016.
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