Savings Account rates increase from 18.5% to 19.5%
Special Savings Certificates will now yield 17.4%.
The government has revised the rate of profit on national saving schemes by upto 1% to make the schemes lucrative and mobilise investment from the general public, The News reported Tuesday.
The Central Directorate of National Savings (CDNS) — which works under the Ministry of Finance — announced an increase in the rates of return on some of its National Savings schemes, effective from May 9, 2023.
Taking to his Twitter handle, CDNS Director General Hamid Raza Khalid wrote that the Savings Account rates have been raised from 18.5% to 19.5%.
Additionally, Special Savings Certificates will now yield 17.4% compared to the previous rate of 17.13%.
The rates on three-month Short Term Savings Certificates (STSC) have been increased to 20.84%, while the yield of six-month STSC has surged to 20.82%.
Rates on 1-year STSC have also been revised upward to 20.8%. Khalid said the rates on other schemes will remain unchanged.
Current
Previous
Change
Defence Saving Certificates (DSC)
14.87%
14.87%
—
Bahbood Saving Certificates (BSC)
16.56%
16.56%
—
Regular Income Certificates (RIC)
12.84%
12.84%
—
Special Saving Certificates (SSC)
17.40%
17.13%
+27
Savings Account (SA)
19.50%
18.50%
+100
Pensioners Benefit Account (PBA)
16.56%
16.56%
—
Short Term Saving Certificates (STSC)
20.8%
19.82%
+98
The revision in the rates of National Savings schemes comes after the State Bank of Pakistan raised the key interest rate by 100 basis points, taking it to 21% last month.
This decision was made due to back-breaking inflation and is expected to remain high in the near future.
The CDNS, which offers saving certificates to individual investors, reinvests the money in government papers like Pakistan Investment Bonds (PIBs) and treasury bills (T-bills).
