Profit on pension, savings raised

ISLAMABAD: Policy rates on pension and other saving schemes in the country have been raised following an increase in interest rate by the State Bank of Pakistan (SBP).

Officials said the interest rate on National Saving Schemes, pension and Behbood Saving Certificates (BSCs), have also seen an increase with the latter two witnessing a rise of 1.92 per cent.

The pensioners and Behbood Saving Certificates (BSCs) will now avail a policy rate of 12.96 per cent. An increase in the policy rate on saving accounts has also been notified. The increase in the rates would be implemented from Dec 12.

State Bank of Pakistan (SBP) in November announced that bank consumers would be receiving at least a 7.25 per cent interest rate on their saving account from Dec 1 following a hike in the policy rate to 8.75 per cent recently.