The Central Directorate of National Savings (CDNS) has reduced the return rates on several of its National Savings Schemes (NSS) by as much as 100 basis points (bps), effective immediately.
According to Topline Securities, the rate on the popular Savings Account (SA) has been reduced by 100bps, from 10.50% to 9.50%. The change is expected to impact a large number of account holders.
Additionally, the Defence Saving Certificates (DSC) will now offer a return of 11.91%, down 21bps from the previous rate of 12.12%. The return on Bahbood Savings Certificates (BSC) has also decreased by 24bps, dropping to 13.44% from 13.68%.
The Pensioners Benefit Account (PBA) and the Shuhda Family Welfare Account (SFWA) will both provide a return of 13.44%, after a 24bps reduction from the prior rate.
Moreover, the Regular Income Certificates (RIC) have seen a decrease of 18bps, now offering a return of 11.52%, down from the previous 11.70%.
These reductions come as part of the ongoing adjustments by the CDNS to align with the current economic environment, impacting savers across various income brackets.
