CDNS achieves collection target of Rs 110 billion by Dec 16.

ISLAMABAD -- The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs110 billion by December 16 of fiscal year 2019-20.

The CDNS has set Rs350 billion annual collection target for the year 2019-20 as compared to Rs324 billion for the previous year's 2018-19 to enhance savings and promoting saving culture in the country, senior official of CDNS told reporter here on Wednesday.

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

Replying to a question, he said that CDNS had collected Rs410 billion by June 30, 2019 exceeding the target of Rs324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion.

The total savings held by the CDNS stood at Rs1,150 billion by June 30 while the directorate had Rs774 billion savings by the same date, a year ago, he said.

The senior official said that due to the rationalization of CDNS certificates' rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs224 to 324 billion for FY 2018-19.

Replying to a question, he said the CDNS has decreased the interest rate on the investment bonds due to current market situation.

The CDNS interest rates were decreased due to lower rates of Pakistan Investment Board (PIB), he said.

'The National Savings interest rates are...