National Saving Schemes: CDNS revises rates on almost all products
- Changes take effect from May 14 onward
The Central Directorate of National Savings (CDNS) has reduced the rates of return on some of its National Savings Schemes while raising the rates on other products, Business Recorder learnt on Tuesday.
The changes in rates come after four revisions in the last five months.
Rates of Special Savings Certificates (SSC) were decreased by 10bps to 15.70% from 15.8%. The Regular Income Certificates (RIC) will offer a return of 14.64% return, as compared to 14.76% earlier, a decrease of 12bps.
National Saving Schemes: CDNS raises rates on some products
Similarly, rates on Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhada Family Welfare Account (SFWA) declined to 15.36% each after a decrease of 24bps.
Meanwhile, the rate of Defence Savings Certificate lowered by 1bps, and will now offer a 14.39% return.
On the other hand, the rates on Short Term Savings Certificates (STSC) were raised by 24bps to 19.24%.
The Sarwa Islamic Term Account (SITA) will now offer a rate of 19.1%, after an increase of 56bps.
Meanwhile, profit rates of Saving Account and Sarwa Islamic Saving Account (SISA) stood unchanged at 20.5% and 20.5%, respectively.
The change in the rates of return took effect from May 14, 2024 onward.
Last month, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 22%, its seventh successive decision to maintain the status quo.
It may be noted that Pakistan’s headline inflation clocked in at 17.3% on a year-on-year basis in April this year, Pakistan Bureau of Statistics (PBS) data showed, much lower than the reading in March when it stood at 20.7%.
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