CDNS slashes profit rates on majority National Saving Schemes
MG News | May 14, 2024 at 11:40 AM GMT+05:00
May 14, 2024 (MLN): The Central Directorate of National Savings (CDNS) has slashed the profit rates on majority of its National Savings Schemes, with the decline going as much as 24 basis points (bps), according to its website.
To note, the decrease comes after it raised profit rates in March, 2024.
The new profit rates are effective from May 14, 2024.
| Investment Type | Current Profit Rate | Previous Profit Rate | Change (bps) |
|---|---|---|---|
| Bahbood Savings Certificates (BSC) | 15.36% | 15.60% | -24 |
| Defence Savings Certificates (DSC) | 14.39% | 14.40% | -1 |
| Sarwa Islamic Savings Account (SISA) | 20.50% | 20.50% | 0 |
| Sarwa Islamic Term Account (SITA) 1 year | 19.10% | 18.54% | +56 |
| Pensioner Benefit Account (PBA) | 15.36% | 15.60% | -24 |
| Regular Income Certificates (RIC) | 14.64% | 14.76% | -12 |
| Savings Account (SA) | 20.50% | 20.50% | 0 |
| Shuhada Family Welfare Account (SFWA) | 15.36% | 15.60% | -24 |
| Special Savings Certificates (SSC) | 15.70% | 15.80% | -10 |
| Short Term Savings Certificates (STSC) | 19.24% | 19.00% | +24 |
Rates per annum
The profit rates were slashed on Bahbood Savings Certificates (BSC), Defence Savings Certificates (DSC), Pensioner Benefit Account (PBA), Regular Income Certificates (RIC), Shuhada Family Welfare Account (SFWA), Special Savings Certificates (SSC) by 24bps, 1bps, 24bps, 12bps, 24bps, and 10bps, respectively.
Meanwhile, it raised profit rates on Sarwa Islamic Term Account (SITA) 1 year and Short Term Savings Certificates (STSC) by 56bps and 24bps, respectively.
Moreover, the profit rates on Sarwa Islamic Savings Account (SISA) and Savings Account (SA) remained unchanged at 20.50% and 20.50%, respectively.
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