The Central Directorate of National Savings (CDNS) has reduced the rates of return on a number of its National Savings Schemes (NSS) with the decrease going as low as 33 basis points (bps).
The rate of Bahbood Savings Certificates lowered by 10bps to 13.58% from 13.68%, brokerage house Arif Habib Limited reported.
The changes take effect from February 25, 2025 onwards.
The Defence Saving Certificates (DSC) will offer a return of 12.14%, after a decline of 1bps from 12.15%.
The return on Pensioners Benefit Account (PBA) declined by 10bps to 13.58% from 13.68%.
Similarly, Special Savings Certificate saw a reduction of 20bps, and will now offer a return of 11%.
Short Term Savings Certificates (STSC) will offer an 10.81% return, as compared to 11.14% earlier, a drop of 33bps. Special Saving Account will now offer a return of 11%, amid a decline of 20bps.
The rates on Sarwa Islamic Saving Account and Sarwa Islamic Term Account were reduced by 16bps to 9.74% each.
Meanwhile, the rate of Shuhada Family Welfare Account (SFWA) lowered by 10bps to 13.58%.
Last month, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) reduced the key policy rate by 1%, taking it down to 12%.
This was the sixth successive cut in the key interest rate since June 2024 when it stood at 22%.
“Inflation is expected to come down further in January before inching up in the subsequent months. The Committee also noted that core inflation, while continuing to ease, is still at an elevated level,” the MPC said in a statement.
Comments