ISLAMABAD: The Central Directorate of National Savings (CDNS) attracted Rs163 billion during the first three quarters (up to March 15) of this fiscal year.

The CDNS has projected to raise Rs228bn in 2016-17 compared with Rs218bn it generated in the preceding fiscal year, a CDNS official said on Friday. Applicable from Feb 1, 2017, CDNS had notified upward revision in profit rates for various saving certificates to benefit its investors, especially widows and pensioners, the official added.

“Instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide a market-based competitive rate of return to the investors,” he said.

As per a notification issued by the federal government, new rates for Defence Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Sav­ings Accounts have been revised upward to an average of 7.54 per cent, 6.03pc, 6.54pc and 3.95pc.

The official said the profit rate of return for specialised savings schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account had also been revised up and fixed at 9.36pc.

Published in Dawn, March 25th, 2017