ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs151 billion as of Jan 21 this fiscal year, compared to the target of Rs169bn for the period.

The estimated target of the national savings for 2015-16 is Rs302bn, an official of the CDNS told APP on Monday.

The directorate collected Rs82bn during the first quarter of this fiscal year, he said.

The official said that the federal government has also started making adjustments in the profit rates on new savings schemes from Dec 1, 2015.

The CDNS investment bonds profit rates are linked to Pakistan Investment Bonds (PIBs), which are set according to the policy rates of the State Bank of Pakistan (SBP).

He said that against the backdrop of current market scenario, the government had made an instant revision to provide market-based competitive rate of return to the investors of national savings.

As per notification issued by the federal government, the new rates for special savings certificates, regular income certificates, defence savings certificates and savings accounts have been fixed at an average 6.60 per cent, 7.536pc, 8.68pc and 4.15pc, respectively.

The official said the profit rate of return for specialised savings schemes like Bahbood Savings Certificates and Pensioner’s Benefit Account has also been revised and fixed at 10.56pc.

Published in Dawn, January 26th, 2015