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.
