CDNS Increases Savings Certificate, Rates from March 19

Wed Apr 03 2024
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ISLAMABAD: The Central Directorate of National Savings (CDNS) has increased the rates of return for its National Savings Certificates, marking amendments across different instruments effective from March 19, 2024.

According to a senior CDNS official speaking to state media on Monday, the return rates for various instruments have been adjusted upwards. Special Savings Certificates (SSC) now offer a 15.93% increase, Defense Savings Certificates have seen a rise of 13.36%, and Regular Income Certificates (RIC) now yield 14.76%.

Similar increases have been applied to Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhadas Family Welfare Account (SFWA), with each now providing a return of 15.60%.

The CDNS has achieved a target of Rs 1.6 trillion in fresh bonds for the current fiscal year, surpassing the initial target of Rs 1210 billion set from July 1 to April 1st. This surpassed target of Rs 1.6 trillion represents an additional Rs 200 billion compared to the previous financial year’s target of Rs 1300 billion, reflecting a proactive effort to foster a savings culture amidst prevailing market trends.

The official highlighted ongoing institutional reforms within CDNS, with new innovations such as the introduction of Automated Teller Machines (ATM) aimed at enhancing user convenience.

Regarding Islamic investment bonds, the CDNS collected Rs 67 billion by April 01, 2023-24, surpassing the set target of Rs 75 billion for the new financial year. The CDNS aims to introduce new dimensions in the Islamic finance sector, having reviewed and set a target of Rs 60 billion for Islamic investment in the fiscal year 2022-23 to introduce innovative products to the market.   —APP

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