CDNS raises profit rates on majority National Saving Schemes
MG News | March 24, 2024 at 03:00 PM GMT+05:00
February 22, 2024 (MLN): The Central Directorate of National Savings (CDNS) has raised the profit rates on majority of its National Savings Schemes, with the hike going as much as 24 basis points (bps), according to its website.
To note, the increase comes after it slashed profit rates three times in the last three months.
The new profit rates are effective from March 19, 2024.
| Investment Type | Current Profit Rate | Previous Profit Rate | Change (bps) |
|---|---|---|---|
| Bahbood Savings Certificates | 15.60% | 15.36% | +24 |
| Defence Savings Certificates | 14.40% | 14.40% | 0 |
| Special Savings Certificates | 15.80% | 15.60% | +20 |
| Regular Income Certificates | 14.76% | 14.64% | +12 |
| Short Term Savings Certificates | 19.00% | 19.76% | -76 |
| Savings Account | 20.50% | 20.50% | 0 |
| Pensioner Benefit Account | 15.60% | 15.36% | +24 |
| Shuhada Family Welfare Account | 15.60% | 15.36% | +24 |
| Sarwa Islamic Savings Account (SISA) | 20.50% | 20.50% | 0 |
| Sarwa Islamic Term Account (SITA) 1 year | 18.54% | 18.54% | 0 |
Rates per annum
Meanwhile, it reduced profit rates on Short Term Savings Certificates (STSC) by 76bps to 19%.
Moreover, the profit rates on Defence Saving Certificates (DSC), Savings Account (SA), Sarwa Islamic Saving Account (SISA), and Sarwa Islamic Term Account (SITA) remained unchanged at 14.40%, 20.50%, 20.50%, and 18.54%, respectively.
The increase in majority of National Saving Schemes comes following the central bank's decision to keep its policy rate unchanged at 22% for the sixth consecutive meeting.
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