The government has increased the rates of return on all national savings schemes, effective from June 5, 2006. An official statement issued here on Saturday said that the federal government has decided to increase the rates of profit on special saving certificates/accounts, regular income certificates, defence saving certificates, pensioner's benefit accounts/bahbood savings certificates, savings account and prize bonds.
State Minister for Finance Omer Ayub had announced the raise in his Budget speech on June 5 to mitigate the financial hardships being faced by investors of National Savings Schemes, particularly the vulnerable groups ie widows, senior citizens and pensioners.
On account of rising cost of living, the government has raised the rates of profit on Special Saving Certificates/Accounts, Regular Income Certificates, Defence Saving Certificates, Pensioner's Benefit Accounts/Bahbood Savings Certificates, Savings Account and Prize Bonds from 8.6 percent, 8.88 percent, 9.46 percent, 11.04 percent, 5.00 percent and 5.00 percent to 9.17 percent, 9.24 percent, 10.0 percent, 11.52 percent, 6.00 percent and 6.50 percent respectively, the statement said.
The government is also improving facilities at the Savings Centres so that the investors could feel comfortable while interacting with National Savings Centres, the statement added.
The 'Pensioner's Benefit Account' for the benefit of pensioners and the 'Bahbood Saving Certificates' for widows/senior citizens would be helpful to reduce the economic burden of the pensioners and widows/senior citizens, further providing them an opportunity to keep their money in safe custody, it hoped.
The National Savings Organisation is also moving fast towards automation in line with the government's policy to provide better and efficient services to the investors at its outlets by the end of year 2007, the statement added.-PR