Govt jacks up rate of returns for national saving schemes

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1978

ISLAMABAD: Central Directorate of National Savings (CDNS) on Monday jacked up interest rates up to 1.09 percent for national saving schemes.

Interest rates on National Savings Schemes have been raised after around 14 months due to the central bank’s refusal to accept bids placed by the commercial banks to procure Pakistan Investment Bonds (PIBs).

But State Bank of Pakistan (SBP) recently approved the bids for PIBS of three, five and ten-year denominations.

According to CDNS, interest rates for Behbood savings certificates and pensioner benefit accounts had been increased by 0.72 percent to 10.08 percent, defence savings certificates by 0.56 percent to 8.10 percent, special savings certificates by 0.77 percent to 6.80 percent.

And interest rates for regular income certificates were jacked up by 1.09 percent to 7.632 percent and for saving account it was raised 0.55 percent to 4.50 percent.

Three-month short-term paper interest rates have been raised by 0.32 percent to 5.92 percent, for six-month papers by 0.42 percent to 6.04 percent and 0.61 percent to 6.25 percent for a one-year paper.