CDNS cuts rates on savings certificates

03 Jun 2020

Email

Fayaz Hussain
Fayaz Hussain

ISLAMABAD: The Central Directorate of National Savings (CDNS) on Tuesday reduced profit rates on the savings certificate investments by one per cent due to lower rates of Pakistan Investment Bonds (PIBs) applicable from June 2.

“The CDNS interest rates are linked with the policy of PIBs, set by the State Bank of Pakistan (SBP),” said a senior CDNS official.

He said the rate of return on Behbood Savings Certificates was reduced from 10.32 per cent to 9.84pc and Pensioner Benefit Accounts from 10.32pc to 9.84pc.

The profit rates on Shuhada Family Welfare Account also reduced from 10.32pc to new rates of 9.84pc.

He said the profit rates on Defense Savings Certificates was also reduced from 8.54pc to 8.05pc while those of Regular Income Certificates were also cut to 7.44pc.

He said the profit rates on Savings Account had also been reduced from 7.00pc to 6.50pc.

Published in Dawn, June 3rd, 2020