ISLAMABAD: The Central Directorate of National Savings (CDNS) has announced a downward revision of rates for most National Savings Schemes (NSS), with reductions reaching as high as 360 basis points (bps). This change will take effect starting November 4, 2024, as reported by Business Recorder on Friday.
The return on Special Savings Certificates (SSC) has been cut from 15.20% to 11.60%, a reduction of 360 bps, according to brokerage firm Arif Habib Limited.
Both the Sarwa Islamic Term Account (SITA) and the Sarwa Islamic Savings Account (SISA) will now yield a return of 11.16%, down 309 bps from the previous rate of 14.25%.
The return for the Special Savings Account (SSA) has decreased by 220 bps, from 15.20% to 13%. Regular Income Certificates (RIC) will now offer a return of 12.12%, reduced from 12.72%, reflecting a decline of 60 bps.
Rates for the Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhadas Family Welfare Account (SFWA) have each been lowered by 24 bps, now standing at 13.92%.
Notably, the rates for Defence Saving Certificates (DSC) and Short Term Savings Certificates (STSC) remain unchanged.
This announcement comes ahead of the Monetary Policy Committee (MPC) meeting scheduled for November 4, 2024, where key policy rates will be discussed. According to recent data from the Pakistan Bureau of Statistics (PBS), the country’s headline inflation rose to 7.2% year-on-year in October 2024, up from 6.9% in September.
