Profit Rates on National Savings Schemes Decreased.
National Savings Schemes in Pakistan: Understanding the Recent Profit Rate Adjustments
Heads up, investors! The Central Directorate of National Savings (CDNS) in Pakistan has implemented revisions to the return rates on several popular savings schemes.
This latest adjustment, effective February 21, 2024, marks the third consecutive modification in the past two months, reflecting a proactive approach by CDNS to maintain alignment with current market trends.
Understanding the Changes:
- Special Savings Certificates (SSC): Returns have been reduced by 0.40% to 15.6%, down from the previous 16%.
- Defence Saving Certificates (DSC): Returns have decreased by 0.55% to 13.67%, compared to the prior 14.22%.
- Short Term Savings Certificates (STSC): Yields have been revised downwards by 0.58% to 19.76%, compared to the earlier 20.34%.
- Regular Income Certificates (RIC): Returns have seen a 0.36% decrease, now offering 14.64% as opposed to the previous 15%.
- Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhada Family Welfare Account: These schemes experience a uniform decrease of 0.72%, with a revised return rate of 15.36% compared to the prior 16.08%.
Important Exceptions:
It’s worth noting that the rates for Savings Account, Sarwa Islamic Term Account, and Sarwa Islamic Saving Account remain unchanged by this latest revision.
The Rationale Behind the Adjustments:
These modifications come after the recent State Bank of Pakistan (SBP) monetary policy committee meeting, where the key interest rate was maintained at 22%. However, the SBP also hinted at the possibility of future adjustments in the interest rate environment. The CDNS’s responsive approach highlights their commitment to adapting these savings schemes to align with broader economic strategies, ensuring continued value and stability for investors in Pakistan.
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