The rate on Special Savings Certificate (SSC) went up by 60 bps to 13 per cent
ISLAMABAD: The government has jacked up rates of different National Savings schemes (NSS) in the range of 30 basis points (bps) to 150 basis points with effect from today (June 3).
The rate on Special Savings Certificate (SSC) went up by 60 bps to 13 per cent. The Regular Certificate rate increased by 36 bps to 12.36 percent. The saving account rate has gone up by 150 bps to 12.25 per cent.
The government has increased the rate on SSC at an average rate of 13.25 per cent, 12,36 per cent on Regular Income Certificates, 14.16 per cent on Behbood Saving Certificate. On the short-term Saving Certificate, the rate on three-month maturity has gone up to 13.68 per cent, six- month maturity up to 13.96 per cent, and one-year 14 per cent rate.
On saving accounts, the rate is fixed at 12.25 per cent, 13 per cent per annum on Special Saving Accounts for 6 months and 14.4 per cent, or Rs7200 per Rs100,000 for six months of maturity.
The total portfolio of the Central Directorate of National Savings (CDNS) in different schemes stands at Rs4.1 trillion right now. The State Bank of Pakistan raised the policy rate by 150 bps that rose to 13.75 per cent in the last monetary policy announced on May 23 this year, and, as expected, the finance ministry raises the rates keeping in view rising inflationary pressures.
The CPI-based inflation has been on the rise for quite some time, reaching 13.8 per cent for May, and is projected to go up further in the wake of increased POL prices in the domestic market.