The Central Directorate of National Savings (CDNS) today issued a notification that it has revised profit rates on different schemes, effective from September 1, 2018.
Rates for Behbood Savings Certificates, Pensioner Benefit Accounts and Shuhada Family Welfare Account each jumped by 0.72 per cent, with the new rate at 10.92 per cent.
Saving Accounts witnessed the highest increase of 1 per cent with the new rate set at 6 per cent per annum.
Special Savings Certificates recorded an increase of 0.77 per cent with the new rate set at 7.87 per cent.
Defense Savings Certificates jumped by 0.75 per cent, with the new rate at 9.05 per cent, while Regular Income Certificates rose by 0.74 per cent to reach 8.78 per cent.
Short-Term Saving Certificates (3 months, 6 months, 12 months) each recorded an increase of 0.96 per cent, with the new rates set at 7.36 per cent, 7.42 per cent, and 7.52 per cent respectively.
According to the latest data of State Bank of Pakistan (SBP) in its statistical bulletin, the investment in Behbood certificates amounted to Rs794 billion, special saving certificates Rs381 billion, regular income certificates Rs 347 billion and defence saving certificates nearly Rs336 billion.
The size of investment in national savings has reached around Rs 3.6 trillion where during last fiscal year net investment was around Rs 202 billion while in 2016-17 it was around 207 billion.
The Central Directorate of National Savings has recently prepared a new instrument for attracting overseas Pakistanis, the spadework for which has been completed with the only approval of the Federal Cabinet remaining.
The overseas Pakistanis could invest in this product from a minimum investment of $1000 or equivalent to Pak rupee and will get a return of about six to seven per cent per annum on an initial basis.
According to an official, in the first year, there has been a possibility that investment might amount to $500 million to $1 billion. Moreover, these products will have a maturity period of three to five years.
A bold step by the PTI Govt despite very adverse economic situation in the country.
The rates are increased due to poor economic conditions… These rates will further increase within 2-3 months as govt. wants fund & by increasing profit rates, govt wishes to generate funds.
National Saving profit rates increase Best step of government .Poor people will supported better…
A bold step is initiated by the infant government by increasing the rate of profit on different schemes. HATS OFF
Well done a nice opportunity to widow and senior citizen to increase in behbood certificate