ISLAMABAD: The government has increased profit rates of all the national saving schemes and short-term saving certificates (three months, six months, and one year) rates have been slashed with effect from March 19, 2024.

According to a number of notifications issued by the Finance Division in this regard, the rate of return on Defence Savings Certificates (DSC) has been increased to 13.78 percent from 13.68 percent.

The average per annum profit rate of special saving certificates (three years) has been increased to 15.93 percent from 15.77 percent.

The per annum profit rate of regular income certificates (five years) has been increased to 14.78 percent from 14.64 percent with an increase in monthly profit payment to Rs1,230 per Rs100,000 (per month).

The rate of return on Behbood Saving Certificates (10 years) has been increased to 15.60 per cent from 15.36 per cent per annum with a monthly profit of Rs1,300 per Rs100,000 (per month).

However, the rate of return on short-term saving certificates (STSCs) three months has been decreased to 19.40 from 19.92 per cent per annum with payment of Rs4,850 per Rs100,000. The rate of return on six-month short-term certificates has been decreased to19.38 percent per annum from 19.90 per cent with profit payment of Rs9,690 per Rs100,000, whereas, the rate of return on one-year STSC has been decreased to19 per cent per annum from 19.76 and profit payment of Rs19,000 profit per Rs100,000.

The rate of return for the pensioners’ benefit account (10 years) has been increased to 15.60 percent from 15.36 per cent with a payment of Rs1,300 per Rs100,000 (per month) and the rate of return on saving accounts (10 years) has remained unchanged at 20.50 percent with monthly profit of Rs1,300 per Rs100,000 (per month).

Average profit rate of special saving accounts ((3 years) has been increased 15.93 percent. The profit rate of Shuhada’s family welfare account (10 years has been increased to 14.60 percent with payment of Rs 1,300 per Rs 100,000 (per month)

The profit rate of Sarwa Islamic Term Account (three years) has been increased 13.25 percent with biannual profit payment of Rs 7,625 per Rs 100,000 whereas rate of return on one year and five years remained unchanged. The profit rate of Sarwa Islamic Saving Account also remained unchanged at 20.50 per annum.

Withholding tax deduction for filers is 15 percent and non-filer 30 percent and Zakat deduction 2.5 percent.

Copyright Business Recorder, 2024