July-Sep: CDNS sees Rs70b in fresh deposits

ISLAMABAD: The Central Directorate of National Savings (CDNS) has seen Rs70 billion in fresh deposits during the first three months of the current fiscal year. “The estimated target of the national savings for the current financial year 2015-16 has been set at Rs302 billion,” said an official. He said the federal government had also made adjustments in the profit rates on new schemes to be made on or after October 1. As per 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%, 7.8%, 8.87% and 4.25% respectively. The official said the profit rate of return for specialised Savings Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 7.848% and 10.8% in order to provide safety net to the specialised segment of society.

Published in The Express Tribune, October 2^nd, 2015.

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