ISLAMABAD - The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates to benefit its investors especially the pensioners, which has been applicable from July 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 on Wednesday.

He said as per notification issued by the federal government, the rates for Defense Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Savings Accounts had been revised upward at an average of 8.30 percent, 7.10 percent, 8.04 percent and 5.00 percent respectively.

The official said the profit rate of return for specialized savings schemes like Bahbood Savings certificates and Pensioners' Benefit Account had also been revised upward respectively at 10.20 percent to provide safety net to specialized segments of the society. The CDNS had launched its modernization plan in collaboration with national Institutional Facilitation Technologies (NIFT), for facilitating the customers, he added.

The CDNS has collected Rs 202 billions, which is beyond the target of Rs 154 billion for the fiscal year of 2017-18.The CDNS has set Rs 154 billion net target for fiscal year (2017-18), the official said. The CDNS has launched its modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers, he said.

The official said that according to the Memorandum of Understanding (MoU) signed with National Institutional Facilitation Technologies (NIFT), now senior citizens and pensioners would get the amount credited in their accounts in National Bank of Pakistan (NBP).

After agreement with NIFT, the CDNS would launch registered prize bonds, besides transferring profit to the customers' accounts, he added. The official said the proposed "Structural Reforms Programme" would be launched gradually in order to provide better service delivery to the customers.