The Central Directorate of National Savings (CDNS) has slashed profit rates on different savings schemes ahead of the central bank’s upcoming monetary policy announcement.
As per a notification issued by the Ministry of Finance, the rate of return for Special Savings Certificates and accounts has been reduced from 16.04% to 16% for the first five years, and from 17.4% to 16.6% for the sixth year.
Defence Savings Certificates have seen a decrease in average rates from 14.39% to 14.2%. The rate of return on Regular Income Certificates is now 15%, down from 15.12%.
In the category of Short-term Savings Certificates (STSC), the three-month, six-month, and one-year instruments have experienced a slight reduction in returns.
The one-year STSC, for example, now yields 20.34% compared to the previous 20.8%.
Furthermore, the Sharia-compliant savings instruments have undergone more significant adjustments.
The one-year Sarwa Islamic Term Account (SITA) now offers an expected return of 18.54%, a decrease from 21.37%.
Similarly, the three-year and five-year SITA have seen reductions in their expected profit rates.
However, the returns on the Behbood Savings Certificate, Pensioners’ Benefit Account, and Shuhadas Family Welfare Account remain unchanged at 16.08%.
The markup rate on savings accounts also continues at 20.5%, as does the rate on the Sharia-compliant Sarwa Islamic Savings Account (SISA).
The CDNS has issued revised rate sheets to all regional offices, with the new rates effective from January 26.
best a heme,s ever on pakistan
Yes, it appears that there has been a reduction in profit rates on national savings schemes. This adjustment may have been implemented by the relevant authorities due to various factors such as changes in economic conditions, monetary policies, or government fiscal priorities. While the exact reasons behind the reduction may vary, it’s essential to monitor updates from official sources for further insights and implications.
Remour is that SISA is closed now bcz deposit & withdraw is stopped.
Find nothing ethentication.
would you please clear the matter & if it is so then how the amount be transfered to other scheme.
Please share a form/page showing all National Saving schemes with respective tax deductions/applicable Zakat plus any exemptions – all consolidated in a tabular form. If this info is already there in the mentioned shape, its link may kindly be shared. Thanks.
“Top Trend PK is your premier destination for all the latest news, updates, and trends from Pakistan and around the world. Our team of dedicated journalists and writers are committed to providing accurate and unbiased reporting, making us your go-to source for the information that matters most to you.