April 07, 2023 (MLN): The federal government has increased the profit rates for various National Savings Schemes (NSS) with effect from April 10, 2022.
As per the revision, the profit rate for Shuhada Family Welfare, Saving Accounts, and Pensioners Accounts has been raised to 16.56%, 18.50%, and 16.56%, respectively.
Meanwhile, the profit rate for Short-term Saving Certificates for 3-month, 6-month, and 1-year raised to 19.92%, 19.64%, and 19.82%, respectively.
Additionally, the profit rate for Regular Income Certificates has been fixed at 12.84% while the profit rate for Defence Saving Certificates stood at 14.87.
The increase in profit rates is mainly attributable to the increase in the policy rate to arrest inflation.
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on April 04, 2023, decided to raise the policy rate to an all-time high by 100 basis points (bps) to 21%.
Consumer inflation accelerated to 35.4% YoY in March 2023, compared to 31.5% YoY in the last month and 12.7% YoY in March 2022, which has dented the purchasing power of the salaried class.
