Facilitation: CDNS to make schemes competitive
It was decided that automation in different offices of the CDNS may be carried out on fast track basis
ISLAMABAD:
Federal Minister for Finance Senator Muhammad Ishaq Dar directed the Central Directorate of National Savings (CDNS) to make its schemes more competitive to facilitate customers and attract more savings. Additional Secretary Finance (Budget) Dr Shujaat Ali briefed about the status of different schemes and the profit offered on them and dilated about the challenges faced by CDNS. It was decided that automation in different offices of the CDNS may be carried out on fast track basis and that fixation of NSS (national saving schemes) rates may be reviewed bi-monthly in line with the provisions of the monetary policy. CDNS may submit proposal to the ministry regarding payment of profit to customers through their bank accounts. Finance Secretary Dr Waqar Masood, Adviser Finance Division, Rana Assad Amin and DG CDNS Saeed Ahmed Rana also attended the meeting.
Published in The Express Tribune, September 25th, 2014.
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Well first of all profit rate against 1 lakh rupess seems very low 10 percent is nothing if u compare today's inflation and economic crisis in country national savings should cross 13 percent per annum to attract savings in different schemes.
Private banks also give profit on savings accounts and there percentage is almost competitive and near national savings schemes certificates and bank also provide ATM facilities.