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CDNS Paid Investors Rs115 Billion Against Suspension of Prize Bonds of Rs25,000

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ISLAMABAD– Central Directorate of National Savings (CDNS) has paid  Rs 115 billion by February 28 to the investors against the suspension of prize bonds of Rs 25,000.

The federal government recently suspended the prize bonds of Rs 25,000 and had given a six-months deadline to investors to en-cash their total savings of Rs 160 billion, the senior official of CDNS told newsmen.

National Savings has paid Rs 115 billion to their customers in last three months and remaining 45 billion out of total Rs 160 billion would also be paid by May 30, 2021, he said.

He informed that the government has already canceled prize bonds of Rs 40,000 and CDNS repaid to the investors the encashment worth of Rs 258 billion in previous FY 2019-20, he said.

He said that CDNS has reached to the fresh deposit of Rs 540 billion during the last 7 months in the current Fiscal Year (FY) 2020-21.

The CDNS had compensated an amount of Rs 258 billion to its investors after the termination of major prize bonds of Rs 40,000, he said.

CDNS has set Rs 249 billion annual collection target for the year 2020-21 as compared to Rs 352 billion for the previous year’s 2019-20 to enhance savings and promote saving culture in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year’s 2018-19, he said.

The directorate had also revised and increased the gross target of Rs1570 billion for the fiscal year 2019-20, he said.

Replying to a question on current revision of CDNS certificate profit rates,, he said CDNS has maintained the same interest rate on the savings certificates investment due to the market situation and as per Pakistan Investment Bonds (PIB) policy decision.

He informed that the CDNS interest rates were linked with the policy of PIB, set by State Bank of Pakistan (SBP).

He said the rate of profit on Defense Saving, regular income saving, special saving and short-term certificates remained the same.

The senior official said that the profit rate on special saving certificates had remained the same at 7.77 percent. He informed that on Defense Saving Certificates, the rate is also the same at 8.49 percent.

The profit rate on regular income saving certificates remained the same at 8.04 percent and on Pension and Shuhada Welfare certificates, the rate of profit has been retained. The rate of profit on Short Term certificates also has been the same, the official concluded.