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National Savings Schemes interest rates reduced
 


June 29, 2013 - Updated 055 PKT
From Web Edition
 
 



ISLAMABAD: The government has slashed down interest rates on various products of National Savings Schemes (NSS) in line with reduction in discount rate policy unveiled by the State Bank of Pakistan (SBP).

 

According to announcement made by CDNS on Friday, as a consequence of reduction in discount rate by SBP, the government has downward revised interest rates on NSS for the investment made on or after 01-07-2013.

 

The instant revision is made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of national savings.

 

As per notification issued by the federal government the new rates for special savings certificates (R)/account, regular income certificates, defence savings certificates and savings accounts have been fixed at 8.92 percent, 9.72 percent, 10.36 percent and 6.00 percent respectively.

 

While, the new rates for short term savings certificates of three months, six months and one year have been fixed at 8.45 percent, 8.50 percent and 8.55 percent respectively, the profit rate of return for specialized savings schemes i.e. Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 12.24 percent in order to provide safety net to specialized segments of society.

 
 
 
 
 
 
 
 
 
 
Reader Comments
This is the only organization wherein people can trust and deposit their hardearnings and had been providing attractive returns. Under the prevalent circumstances and dearness it is not advisable to reduce profit rates. Factually the profit rates should have been upward revised rather than reducing. National Savings Center is profitable and safest bank for poor and middle order man. Government/Statement Bank should review their policies and do better for downtrodden men.

Mahboob Khan
Pakistan
The profit rate during last period of this government was very attractive. It should be enhanced up to 15%.

tehseen
Pakistan
 
 
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