A government statement said that from July 1st the profit margins on all national savings schemes hiked by up to 2.3 percent.
The purpose of this decision is to bring the saving schemes’ rates in line with increase in the interest rate announced by the State Bank.
According to the decision, the benefits of Pensioners accounts, Behbood savings certificates and the Shuhuda Family Protection Account increased by 48 basis points, from 14.28 percent to 14.76 percent in January 2019.
Revised rate sheet, according to the decision showed that Defense Savings Certificates increased by 54 basis points, from 12.47% to 13.01% since January 2019.
According to the notification sent to the Central Directorate of National Savings (CDNS), the Pakistan Post Office and other concerned institutions, the high rates will come into effect on 1 July 2019.
National savings plan rates are linked to the central bank’s benchmark interest rate and its subsequent impact on Pakistan’s long-term investment bonds.
The State bank had increased its interest rate by 150 basis points to 12.25 percent on May 20, 2019.
Similarly, the return on regular income certificates increased by 96 basis points, with the new profit rate standing at 12.96% compared to 12.0% previously. This will result in a benefit payable of Rs540 / month in the denomination of Rs50,000.
The average profit payable on special savings certificates (registered)/ accounts increased by 1.33%, from 11.57% (average) to 12.90% at the beginning of the calendar year. In addition, the performance of short-term savings certificates with a duration of 3 to 12 months increased by 2.3%, from 9.80% to 12.08%.
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27 September, 2019