CDNS all set to achieve current FY saving target: DG

National Savings

ISLAMABAD: The Central Directorate of National Savings (CDNS) is all set to achieve current fiscal saving target of Rs.187 billion as it has collected Rs.135 billion till the end of February this year.

While talking exclusively to “Media” here on Wednesday Director General(DG) of the organization Zafar M. Sheikh said that he was hopeful that the Rs.187 billion saving target set for this fiscal year 2011-12 would be achieved as in first 8 month(July-Feb) collection had reached to Rs135 billion.“The investment portfolio of Central Directorate of National Savings has reached to Rs.2 trillion from Rs.1.1 trillion in last 4 years,” he said, adding that due to launching of Rs25,000 Prize Bond in February this year CDNS collected Rs.20 billion against its target of Rs.5 billion.

He said that the National Savings was revisiting its interest rates after every three months and make changes keeping in view the Pakistan Investment Bond (PIB) rates. However, the changed rates applied on new schemes while the old schemes remain on their own interest rates.“CDNS had collected over Rs.10 billion amount of withholding tax during the last four years without any charge,” the DG said, adding that very soon a short term minimum Rs.10, 000 prize Bond would be launched which will go a long way to help small savers.

Zafar M Sheikh said that the saving culture trend in our country has now changed as the investments are now in double digits instead of single digit.The Director General informed that at present the following National Savings Schemes (NSS) are in operation;1-Defence Savings Certificate scheme which is a10 years’ maturity scheme with built in feature of automatic reinvestment after the maturity. These certificates are available in the denominations of Rs.500, Rs.1000, Rs.5, 000, Rs.10, 000, Rs.50, 000, Rs.100, 000, Rs.500, 000 and Rs.1, 000, 00.

2-Special Savings Certificates Accounts scheme is a three years’ maturity scheme was introduced in February, 1990. These certificates are available in the denomination of Rs.500, Rs.1000, Rs.5,000, Rs.10,000, Rs.50,000, Rs.100,000, Rs.500,000 and Rs.1,000,000/=. Profit is paid on the completion of each period of six months.3-Regular income certificate keeping in view the monthly requirements of the general public, this five years’ maturity scheme was launched on 2nd February, 1993. These certificates are available in the denomination of Rs.50,000, Rs.100,000, Rs.500,000, Rs.1,000,000, Rs.5,000,000 & Rs.10,000,000/=. Profit is paid on monthly basis reckoned from the date of issue of certificates.

4-Bahbood Savings Certificate is a this ten years’ maturity scheme was launched initially for widows only, however, the Government later decided to extend the facility for senior citizens aged 60 years and above with effect from 1st January, 2004. These certificates are available in the denominations of Rs.5, 000/-, Rs.10, 000/-, Rs.50, 000/-, Rs.100, 000/-, Rs.500, 000 and 10, 00000/-. Profit is paid on monthly basis reckoned from the date of purchase of the certificates.Besides the above National Savings Scheme, Savings Account, Pensioners’ Benefit Account, Prize Bonds and National Savings Bonds Scheme were also operational. – Onlinenews