CDNS receives Rs160b deposit in two months

ISLAMABAD: The Central Director of National Savings (CDNS) has received a fresh deposit of Rs 160 billion in the last two months from July 1 to August 31, in the current fiscal year 2020-21.

The CDNS has set an annual gross receipt target of Rs 980 billion from July 1 to June 30th of the current Fiscal year 2021-22 to promote the culture of saving in the country, the senior official of CDNS told APP.

He said the CDNS has set Rs 250 billion annual collection target from July 1 to June 30 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 an Rs 352 billion annual collection target for the year 2019-20 as compared to Rs350 billion for the previous year's 2018-19, he said.

He has received an increased investment of Rs 70 billion by June 30 of this fiscal year's 2020-21 from the newly registered Premium Prize Bond of Rs 40,000 and Rs 25000 newly introduced by the institution.

In the last year of 2020-21, investors have withdrawn Rs 881 billion after the suspension of the said bond. He said new registered Premium Prize Bonds of Rs 40,000 and Rs 25,000 were registered by the State Bank of Pakistan (SBP) and en-cashed only by the registered financial institution under the SBP.

Replying to another question, he informed, "We paid the encashment of Rs 155 billion by June 30th of this month to the investors against the suspension of prize bonds of Rs 25,000." He said the federal government recently suspended the prize bonds of Rs25,000 and had given a six-month deadline to investors to encash their total savings of Rs160 billion.

The senior official of CDNS said National Savings has paid Rs148 billion to their customers in the last six months and the remaining 5 billion out of total of Rs 160 billion would also be paid by October 30, 2021, he said.