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Profit Rates Revised for Saving Schemes

The government has revised profit rates on all saving schemes and accounts of the Central Directorate of National Savings (CDNS) on Friday.

New revised rates of profit which would be applicable to deposits and investments made with effect from April 24, 2020.

According to a series of notifications issued by the Ministry of Finance, the profit rate on Defence Savings Certificates has been reduced by two percentage points to 8.54 percent from 10.54pc.

Furthermore, the rate of return on Behbood Savings Certificates and Pensioners’ Benefit Account has been slashed by 1.96 percentage points to 10.32pc from 12.28.

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Similarly, the return on regular income certificates has been reduced by 2.28 percentage points to 8.28pc from 10.56pc.

As being reported, the rates have been revised down due to the declining secondary market yields on long-term Pakistan Investment Bonds and Treasury Bills in line with the decreasing policy rate of the State Bank of Pakistan.

Saman Siddiqui

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