ISLAMABAD  -  The Central Directorate of National Savings (CDNS) Friday notified upward revision in the profit rates for various saving certificates which has been applicable from November 1, 2018.

 “The instant revision was made in the backdrop of 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”, a senior official of the CDNS told APP here.

He said as per notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare account have been revised upward at an average of 10.03 percent, 8.83 percent, 9.72 percent, 7 percent, 11.88 percent, 11.88 percent respectively.

The official said the profit rate of return for specialized Savings Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised upward and fixed at 11.88 percent respectively in order to provide safety net to specialized segments of the society.  He said that the proposal to launch registered prize bonds which offer coupons as well as prizes is also under consideration.

Regarding total collection of amount by the CDNS, he said the CDNS has achieved Rs 380 billion savings till first four months of current fiscal year, from July 01 to October 31, 2018-19.  The CDNS has set Rs 963 billion gross target for fiscal year (2018-19), he said.