- Home
- Business
- News
- Central Directorate of National Savings (CDNS) achieves collection target of Rs 139 billion by Feb,2 ..
Central Directorate Of National Savings (CDNS) Achieves Collection Target Of Rs 139 Billion By Feb,21
Muhammad Irfan Published February 24, 2020 | 02:57 PM
The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs139 billion by February, 21 of fiscal year 2019-20
ISLAMABAD, (UrduPoint / Pakistan Point News - 24th Feb, 2020 ):The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs139 billion by February, 21 of fiscal year 2019-20.
The CDNS has set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 324 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 Monday.
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 January 1, 2020, he said.
The senior official said the new rate for Defence Savings Certificate has been decreased to 10.40 while the rate of Special Saving Certificate to 1.13, Regular Income Certificate to10.56 percent.
Likewise, the rates of savings accounts have been decreased to 8.60 percent while the rates of Bahbood Savings Certificates and Pensioners' Benefit Account were decreased to12.24 percent.
He said the government had also decided to un-change the short-term (3mo12nths), medium-term (6 months) and long-term (12 months) certificates.
Short-term certificates rates have been retained at percent to 19.76 percent, medium-term at 12.60, while the rate of long-term certificate has been same at12.37 percent.
Related Topics
Recent Stories
Justice Ishtiaq Ibrahim takes oath as PHC Chief Justice
Mohammad Rizwan likely to be made vice-captain of T20I team
Realme C53 Price Slash: High-Tech Meets High Style at New Low Price!
CPEC has given new boost to economic, cultural relations b/w Pakistan, China: PM
Imran Khan's wife Bushra Bibi's medical tests conducted on court orders
Pakistan requesting multi-billion-dollar loan programme from IMF: Finance Minist ..
Passing out parade of cadets at PMA Kakul
Govt bringing reforms in energy, revenue collection, SOEs: Aurangzeb
Pakistan, New Zealand to face off in 2nd T20I match at Rawalpindi today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
More Stories From Business
-
Food minister checks restaurants, food points, imposes heavy fines over violations
14 minutes ago -
NPO's four day wksp on gemstones to hold in Islamabad by
34 minutes ago -
‘Socio-Economically, Bicycle Day’ a productive activity for human life: Ambassador Agnes
53 minutes ago -
Gold rates up by Rs.1,500 per tola to Rs.252,200
2 hours ago -
Pakistan requesting multi-billion-dollar loan programme from IMF: Finance Minister
2 hours ago -
LCCI for joint efforts to promote Pak-Afghan trade
3 hours ago
-
Govt bringing reforms in energy, revenue collection, SOEs: Aurangzeb
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
8 hours ago -
Today Gold Rate in Pakistan 20 April 2024
9 hours ago -
Pakistan aims to agree outline of new IMF loan in May - Finance Minister
19 hours ago -
FTO commends FBR's role for prompt resolution of tax payers’ issues
19 hours ago -
BISP embraces E-procurement: launches inaugural tender
21 hours ago