2% Profit Rate Increased on Saving Scheme Bonds
The Central Directorate of National Savings (CDNS) in Islamabad has increased interest rates on all national savings plans by 2%. In November, the policy rate of the State Bank of Pakistan (SBP) was increased from 7.25 to 8.75, resulting in a significant adjustment in the savings rate.
The rates per detail announced as part of the new policy have enticed more small savers to participate in savings programs. The rates increased on savings schemes include a 1.61% increase in the Defence Savings Certificate (DSC) to 10.98% from 9.37%, a 1.92% increase in Behbood Savings Certificates, Pensioners’ Benefit Account, and Shuhada Family Welfare to 12.96% from 11.04%, a 2.04% increase in Regular Income Certificates to 10.80% of total investment from 8.78%, and a 1.61% increase in Special Saving Certificates, and Special Saving Accounts bringing the profit margin to The rate on savings accounts will increase by 1.75 percent, from 5.50 percent to 7.25 percent.
It is also disclosed that the exchange of short-term investment bonds is tied to changes in long-term Pakistan Investment Bonds (PIB) rates. The rates have risen to as high as 9.4% on three-year paper and 12.2% on 30-year bonds. The rates are also determined by the policy rates of the central bank every two months.
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