The government on Friday reduced the rate of profit by 40-72 basis points on various saving schemes.
The Central Directorate of National Savings (CDNS) announced a decrease in the rate of profit on the Pensioner Benefit Accounts, Behbood Saving Certificates, Regular Income Certificates, Special Savings Accounts, and Defence Certificates.
However, profit rates on savings accounts have been increased.
The new rates have come into effect today. The rate of profit on Pensioner Benefit Account and Behbood Certificate was decreased by 72 basis points each to 12.24 per cent while the rate of profit on Regular Income Certificates was revised downwards by 48 basis points to 10.32 per cent.Â
In addition rates on special savings accounts were reduced by 40 basis points to 10 per cent.
The rate of Defence certificates was reduced to 10.40 per cent from 11.12 per cent, whereas rates on saving accounts have been raised by 1 per cent to 8.25 per cent.
The CDNS reinvests the money in government papers like Pakistan Investment Bonds (PIBs) and treasury bills (T-bills).
