Govt increases profit rates on National Savings Schemes

Published by

Digital Desk

2 years ago

ISLAMABAD: The government has revised the profit rates on national savings certificates and schemes. National Savings decreased the rate on short-term savings certificates and increased the profit rate on its savings plans by 24 basis points (bps) on Friday.

According to the state-run savings institution, special savings accounts, seniors’ benefit accounts, regular income certificates, and Behbood savings certificates all saw an increase in profit rates. The profit rate on BSC, PBA, and SFWA has increased by 24 bps to 15.6 percent each.

Meanwhile, the profit rate on Short Term Saving Certificates (STSC) has been decreased by 76 basis points. Effective March 19, the new savings account rate will apply to accounts that have withdrawals made using means other than checks.

The rates of profit on the Defence Savings Certificate (DSC), Saving Account (SA), Sarwa Islamic Term Account (SITA), and Sarwa Islamic Saving Account (SISA) have been kept unchanged at 14.4 percent, 18.54 percent, and 20.5 percent, respectively.

With a 20bps rise, Special Savings Certificate (SSC) rates are now 15.80 percent instead of 15.6 percent. The return on Regular Income Certificates (RIC) will now be 14.76 percent, as opposed to 14.64 percent previously. The rate of return on SA has been kept at 20.5 percent while the profit rate on STSC has been decreased by by 76 bps to 19 percent.

Digital Desk