Karachi: The government has increased the profit margins on all national savings schemes by up to 2.3% to bring the National Saving Scheme (NSS) rates in line with recent hike in the central bank’s interest rates – a news source reported.
The profit on Pensioners’ Benefit Account, Behbood Savings Certificates, and Shuhuda’s Family Welfare Account has been increased by 48 basis points to 14.76% per annum.
This translates into a profit of PKR 61.50/month on minimum purchase of PKR 5,000 Behbood Savings Certificates starting from July 1.
The Defence Savings Certificates also went up by 54 basis points to 13.01% per annum.
According to the notices issued to the directors of Central Directorate of National Savings (CDNS), Pakistan Post Office, and BSC (Bank) State Bank of Pakistan (SBP), the NSS rates would be implemented from July 1, 2019 until further notice.
The move is expected to help improve the domestic savings rate and inflows due to attractive returns. The NSS rates are generally linked to the State Banks’s benchmark interest rate.
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