Islamabad: The Central Directorate of National Savings (CDNS) on Thursday (December 09) increased profit rates on all national savings schemes by up to 2%, news sources reported. The change in saving rates has followed the recent change in the policy rate by the State Bank of Pakistan (SBP) from 7.25 to 8.75 in November.
As per the details released, the new policy rate has been increased to attract more small savers to the saving schemes. Following changes have been made in the saving rate of various bond types.
1.61% increase in Defence Savings Certificate (DSC) to 10.98% from 9.37%
1.92% hike in Behbood Savings Certificates, Pensioners’ Benefit Account and Shuhada Family Welfare to 12.96% from 11.04%
2.04% increase in Regular Income Certificates to 10.80% of total investment from 8.78%
1.61% increase on Special Saving Certificates and Special Saving Accounts bringing the profit margin to 10.60% from 8.20%
1.75% increase on savings account bringing it to 7.25% from the previous rate of 5.5%.
It was also learned that the changes in short term investment bonds are linked with the changes in the long term Pakistan Investment Bonds (PIB) rates that have reached up to 9.4% on three-year paper to 12.4% on the 30-year bond. The rates are also adjusted based on the central bank policy rates every two months.
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