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Tuesday August 16, 2022

What are latest changes in saving schemes rates?

Central Directorate of National Savings announced an increase in profit rate on savings and regular accounts

By Web Desk
August 06, 2022
A representational image of Rs5,000 notes. — AFP/File
A representational image of Rs5,000 notes. — AFP/File

ISLAMABAD: The government on Saturday increased  the rate of profit by 20-125 basis points on various saving schemes, to mobilise high investment in saving products.

The Central Directorate of National Savings (CDNS) — which functions under the Finance Ministry — announced an increase in the rate of profit on savings accounts and regular account.

Meanwhile, it kept profit rates on Pensioner Benefit Accounts, Behbood Saving Certificates, special savings accounts, and Defence Saving Certificates unchanged.

The rate of profit on regular income was increased by 24 basis points each to 12.60% while the rate of profit on a savings account was revised upwards by 125 basis points to 13.50%.

Here is a list of rates on other saving certificates:


CurrentPreviousChange (bps)
Defence Saving Certificates12.40%12.40%-
Behbood Saving Certificates
14.16%14.16%
-
Regular Income Certificates12.60%12.36%24
Special Savings Certificates13%13%-
Savings Account13.5%12.25%125
Pensioners Benefit Account14.16%14.16%-

It is important to mention here that the CDNS, which offers saving certificates to individual investors, reinvests the money in government papers like Pakistan Investment Bonds (PIBs) and treasury bills (T-bills).