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Govt raises profit rates on saving certificates

Govt raises profit rates on saving certificates

KARACHI: Government has raised profit rates on national saving certificates with effect from August 28, 2020.

According to details, the profit rate on regular income certificate has been increased by 24 basis point to 8.04 percent and special savings certificates by 90 bps to 7.77 percent.

The profit rate on defense certificates has been increased by 5 bps to 8.49 percent, whereas the rate on pension, behbood and savings account remained unchanged.

Earlier, The profit rate on saving certificates have been reduced up to 100 basis points due to sharp cut in key policy rate by the State Bank of Pakistan (SBP). The new rate of return on national saving certificates are applicable from June 02, 2020.

According to Central Directorate of National Savings (CDNS), the interest rate by one percent on the savings certificates investment due to lower rates of Pakistan Investment Bonds (PIB) applicable from June 02, 2020.