Profit on all saving schemes raised

Published January 22, 2021
The rate of return on savings accounts remains unchanged at 5.5pc. —Reuters/File
The rate of return on savings accounts remains unchanged at 5.5pc. —Reuters/File

ISLAMABAD: The government on Thursday revised upward profit rates on all national saving schemes and accounts of the Central Directorate of National Savings. The new rates will be applicable to deposits and investment with effect from January 21.

According to several notifications issued by the finance ministry, profit on Defence Savings Certificate has been increased by 0.93 percentage points to 9.42pc from 8.49pc. The DSC rate had been steadily on the rise since July 1, 2018 and it peaked to 13.01pc in October 2019.

The rate of return on Behbood Savings Certificate has been increased by 0.96 percentage points to 11.28pc from 10.32pc. On May 1, 2018, the BSC rate was 10.08pc that reached 14.76pc in October 2019.

The profit on Regular Income Certificates has been increased by 0.96 percentage points to 9pc from 8.04pc. The RIC rate was 7.632pc on May 1, 2018 and it reached 12.96pc on July 1, 2019.

The rate of return on Special Savings Certificate has been increased by 0.2 percentage points to 7.80pc from 7.60pc.

The profit rate on Pensioners Benefit Accounts has been raised by 0.96 percentage points to 11.28pc from 10.32pc. The revised rate of PBA was notified on Feb 1, 2015. Since then its rate kept changing with the highest hovering between 12pc and 14pc from January 2019 to January 2020.

The rate of return on Shuhada Family Welfare Accounts has also been increased by 0.96 percentage points to 11.28pc from 10.32pc. On July 1, 2018, its rate was 10.20pc, which reached 14.76pc on July 1, 2019.

The profit rate on Short Term Savings Certificate has also been increased to 6.76pc from 6.60pc on three-month certificate. The rate of return on six-month saving certificate has been increased to 6.82pc from 6.80pc. The profit rate on 12-month short-term saving certificate has been increased to 6.92pc from 6.80pc.

The rate of return on savings accounts remains unchanged at 5.5pc.

Published in Dawn, January 22nd, 2021

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