Govt increases rate of return on saving schemes

The federal government has increased the rate of return on national savings schemes.

The rate of return on 10-year Defense Savings Certificates has been increased from 9.29 percent to 9.37 percent, read a notification issued by the Ministry of Finance. The rate of return on Regular Income Savings Certificates has been increased from 8.64 percent to 8.76 percent.

The notification added that the rate of return on 6-month short-term savings certificates has been increased from 7.14 percent to 7.20 percent, while the rate of return on special savings certificates will remain the same.

In addition, interest rates will be maintained on Behbood Saving Certificates, Pensioners Benefit Account, Shuhada Family Welfare Account at 11.04 percent and savings accounts.

As per the notification, the increase in interest rate has been implemented from Thursday.