ISLAMABAD: The Central Directorate of National Saving (CDNS) on Thursday slightly increased profit rates on a three savings instruments with immediate effect.
According to a notification, the return on 10-year defence savings certificates has been increased by 0.06 percentage points to 9.35pc from existing rate of 9.29pc.
Likewise, the return on five-year regular income certificates was jacked up by 0.12 percentage points to 8.76pc from existing rate of 8.64pc.
Similarly, the rate of return on six-month savings certificates has been enhanced by 0.06 percentage points to 7.20pc instead of 7.14pc.
On the other hand, return on all other products including Special Saving Certificates (SSC), Short-Term Saving Certificates (STSC), Saving Accounts, Pension Behbood Accounts, Special Savings Accounts and Shuhada Family Welfare Accounts would remain unchanged.
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Govt raises profit rates on saving certificates
Move aimed at attracting higher investments in government papers
KARACHI:
The federal government has increased the rate of profit in a range of 12-96 basis points on various national saving certificates partly to attract higher investment in the government papers and partly to pass on benefit of rise in returns from Pakistan Investment Bonds (PIBs).
The Central Directorate of National Savings (CDNS), which operates under the ambit of the finance ministry, reinvests the funds received from retail investors into three to 10-year PIBs.
So far, the CDNS has mobilised a meagre investment of Rs28.68 billion in the first five months (Jul-Nov) of the current fiscal year compared to Rs371 billion in the previous full fiscal year 2020, according to the State Bank of Pakistan.