Sunday, February 25, 2024
HomeEconomic PoliciesThe Government Reduces Profit rates on Savings Schemes

The Government Reduces Profit rates on Savings Schemes

The government reduced profit rates on all savings schemes and accounts of the Central Directorate of National Savings (CDNS). The new profit rates will be valid only for deposits and investments.

 As per subsequent notifications issued by the Ministry of Finance, the profit rate on Defense Savings Certificates has been declined by two percentage points to 8.54% from 10.54%.

Similarly, the rate of return on Behbood Savings Certificates and Pensioners’ Benefit Account has been lessened by 1.96% points to 10.32% from 12.28. Likewise, the return on regular income certificates has been slashed by 2.28% points to 8.28% from 10.56%.

The return on special savings certificates has been reduced by 3.03% points to 8.10% from 11.13. The rate of return on savings accounts certificates has been reduced by 1.6% points to 7% from 8.60%.

The rates have been reviewed due to the deteriorating secondary market yields on long-term Pakistan Investment Bonds and Treasury Bills in line with the decreasing policy rate of the State Bank of Pakistan.

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