ISLAMABAD               -        The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs112 billion by December 20, of fiscal year 2019-20. The CDNS has set Rs350 billion annual collection target for the year 2019-20 as compared to Rs324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, senior official of CDNS told APP here on Sunday.

The directorate has also revised and increased the gross target of Rs1570 billion for fiscal year 2019-20, he said. Replying to a question, he said CDNS had collected Rs 410 billion  by June 30, exceeding the target of Rs 324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion.

The total savings held by the CDNS stood at Rs 1,150 billion by June 30 while the directorate had Rs 774 billion savings by the same date, a year ago, he said. The senior official said due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs 224 to 324  billion for FY 2018-19.

Replying to a question, he said CDNS has decreased the interest rate on the investment bonds due to current market situation.

The CDNS interest rates were decreased due to lower rates of Pakistan  Investment Board (PIB), he said. “The National Savings interest rates are linked with the policy of PIB  set by State Bank of Pakistan (SBP)”, said a senior official of CDNS  said.

CDNS has decided to change and lower the rates of different Certificates for November 1, 2019, he said. The senior official said the new rate for Defence Savings Certificate has been increased from 13.01 percent to 10.68 while the  rate of Special Saving Certificate from 12.90 to 11.13, Regular Income Certificate from 12.96 to 10.92 percent.