Government raises profit rates on savings plans

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A currency dealer can be seen counting Pakistani 1,000 rupee notes while stacks of 5,000 rupee and $100 notes can be seen in this AFP file photo.
  • The government is revising rates upwards within a range of 160 to 240 basis points for the benefit of investors.
  • The profit rate on the Retirement Benefit Accounts was increased by 192 basis points to 12.96%.
  • The new rates come into effect from tomorrow (December 10).

The government has revised profit rates within a range of 160 to 240 basis points on several savings certificates to benefit investors and encourage them to invest more.

The Central Directorate of National Savings (CDNS) – which is under the Ministry of Finance – announced on Thursday an increase in the profit rate on pensioner benefit accounts, Behbood savings certificates, regular income certificates, savings accounts, special savings accounts and Defense Certificates.

The profit rate on the Retirement Benefit Account and the Behbood Certificate have been increased by 192 basis points each to 12.96%, while the profit rate on the Regular Income Certificates has been revised upwards by 204 basis points at 10.80%. The new rates come into effect from tomorrow (December 10).

At the same time, savings account and special savings account rates were raised by 175 and 240 basis points to 7.25% and 10.6%, respectively.

The CDNS revised the Defense Certificate rate upwards by 161 basis points to 10.98%.

It is relevant to mention here that the CDNS, which offers savings certificates to individual investors, reinvests the money in government securities like Pakistan Investment Bonds (PIBs) and Treasury Bills (T-bills) .

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