Govt raises profit rate on savings schemes

Islamabad: The Central Directorate of National Savings (CDNS) on Saturday (August 6) decided to raise the profit rate for various savings certificates and income schemes, news sources reported. The government would provide a 12.60% profit rate for regular income savings certificates per the revised rates.

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Similarly, as per the new directives, the following profit rates will apply to the saving certificates:

• Profit rates for saving account schemes have been increased to 13.50% per annum from 12.25%
• The profit rate for regular income certificates has increased by 24 basis points to 12.60% from 12.36%

However, the profit rates for other schemes have remained unchanged.

• Profit rates for the Defence Savings Certificate are at 12.40%
• Behbood Savings Certificate at 14.16%
• Special Savings Certificates at 13%
• Pensioner Benefit Account at 14.16%

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It is worth noting that the profit surged after the government raised the general policy rate to 15%, the highest in decades, citing inflation and deteriorating economic conditions.