In a bid to re-attract investor’s interest in the National Saving Schemes, the Central Directorate of National Savings (CDNS) marginally increased the profit rates of national saving schemes (NSS).
The investor are losing interest in the schemes owing to a lower central bank policy rate. The profit rates of bearer certificates had been increased, while profit rates of registered saving certificates stand reduced.
The State Bank of Pakistan (SBP) on June 25, 2020 reduced the key policy rate by 100 basis points to 7 percent.
This decision brings the cumulative reduction in the policy rate since mid-March to 625 basis points, commensurate with the decline in inflation during this period.
As a result, the profit rate of Behbood Savings Certificates has been increased from 9.84% to 9.96%. Pensioner benefit accounts rate has increased from 9.84% to 9.96% and Shuhada Family Welfare Account from 9.84% to 9.96%.
The profit rate of Defence Savings Certificates has been increased from 8.05% to 8.11% and Regular Income Certificates from 7.44% to 7.608%.
The CDNS reduced the average profit rate of special saving certificates (registered)/accounts to 7.05% from 7.15%.
- The profit rate of Short Term Savings Certificates 3-Month has been reduced to 6.80% from 7.72%
- The profit rate of Short Term Savings Certificates 6-Month has been reduced to 6.76% from 7.36%
- The profit rate of Short Term Savings Certificates 12-Month has been reduced to 6.66% from 7.30%
The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs. 375 billion in the last fiscal year(2019-20) by June 25.