ISLAMABAD: With effect from the 1st of November, the Central Directorate of National Savings (CDNS) has raised the rates of profit by approximately one percentage point to a 3.5 year high on several saving schemes.
This was announced on Friday by CDNS an increase of 96 to 100 basis points on ten savings schemes under its purview, reports Express Tribune.
In line with central bank interest rate hikes this year and rising inflation, the CDNS for the fourth time this year raised the interest rates for saving schemes in the last seven months.
According to an official at the CDNS, the finance ministry increased the rates to provide a fair rate of profit in conformity with those offered for the government’s long-term security papers like Pakistan Investment Bonds (PIBs) and short-term T-bills.
The rate of Behbood saving certificates has been increased to a 43-month high of 11.88%, an increase of 96 basis points.
Those who have invested Rs100,000 in Behbood saving certificates on 1st November will be paid an annual return of Rs11,880.
Profit rates for the Pensioner Benefit Accounts and Shuhada Family Welfare account have been increased by 96 basis points to a 43-month high of 11.88%, as per CDNS.
Till now, the CDNS has raised a total of Rs2.72 trillion via the sale of saving schemes (net of prized bonds) by 31st August of this year which translates to 15.67% of the overall government domestic debt and liabilities at Rs17.36 trillion, as per the central bank.