Profit rates on savings plans increase by up to 240 basis points

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KARACHI: The Central Directorate of National Savings (CDNS) on Thursday announced an increase in profit rates of up to 240 basis points (2.4%) for various savings schemes.

According to the notification, the rate was raised by 240 basis points from 8.20% to 10.6% on profits from the special savings account.

The profit rate on regular income certificates has been increased by 204 basis points, from 8.76% to 10.8%.

Profit rates on pensions and Behbood certificates were increased by 192 basis points on each scheme, from 11.04% to 12.96%.

Similarly, the profit rate was raised by 175 basis points, from 5.5% to 7.25% on savings accounts.

Meanwhile, the profit rate on Defense Savings Certificates was increased by 161 basis points to 10.98% from 9.37%.

The new profit rates are applicable from December 10, 2021.

Analysts said the latest changes in profit rates came after the massive hike in interest rates announced by the State Bank of Pakistan (SBP) in its latest monetary policy statement.

The central bank, in its general policy statement of November 19, 2021, raised the key rate by 150 basis points to 8.75%.

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