Prime bond profit rates rose to 1.86%

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KARACHI: The rate of profit on premium price obligations having denominations of Rs25,000 and Rs40,000 rose to 1.86 percent from the existing 1.79 percent, according to the finance division on Wednesday.

The State Bank of Pakistan (SBP) also issued a circular to inform all chairmen and CEOs of commercial banks about the rate change.

The central bank said the new rate of profit will be implemented from September 10, 2021. “The new rates will be applicable on the amount of half-yearly profit due for payment after March 9, 2022,” he added. .

The government launched premium bonds in April 2017 to document the investment of money in bills. Initially, the Central Directorate of National Savings (CDNS) launched premium bonds worth Rs 40,000 and later launched bonds worth Rs 25,000.

The government plans to document all denomination price obligations and, in this regard, large denomination bearer bonds have been banned from circulation.

Premium price bonds matter because the government offers a return on investment, as well as cash prizes through quarterly draws.

Since the launch of the premium bonds in April 2017, the investment in the Rs 40,000 bill has grown to Rs 33.7 billion in October 2021.

Premium bonds with a face value of Rs 25,000 were introduced in June 2021 and since then these bills have attracted Rs 20.82 billion.

Total investment in premium bonds increased to Rs 54.48 billion in October 2021, from Rs 20.54 billion in the same month last year, registering a growth of 165%.

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