Pakistan reduces profit rates on National Savings schemes
They will be applicable from May 19 SAMAA | Shakeel Ahmed - Posted: May 18, 2021 | Last Updated: 3 days ago SAMAA | Shakeel Ahmed Posted: May 18, 2021 | Last Updated: 3 days ago
Photo: SAMAA Digital
The government has reduced profit rates on National Savings schemes, the Ministry of Finance said in a notification Tuesday.
The profit on Shuhada Family Welfare Accounts and Pensioners
Benefit Accounts has been reduced to 11.04% from 11.52%, according to the
notification.
The government has reduced the profit on Regular Income
Certificates by Rs600 to Rs7,200.
Short-term Savings Certificates worth Rs500,000 have their
profit slashed by Rs500, the notification read. People having these
Salman Khan
KARACHI: The most attractive long-term domestic papers Pakistan Investment Bonds (PIBs) witnessed another significant cut up to 65 basis points in the auction held on Thursday.
The auction was held for fixed rate PIBs. The government, which has been raising maximum liquidity from banks, slashed cut-off yields on all PIBs for all tenors.
The details issued by the State Bank of Pakistan (SBP) showed that the highest cut was for the five-year PIBs as the rate fell to 9.2 per cent from 9.85pc in the previous auction a cut of 65bps. The government raised Rs68.8 billion for this tenor.
The shortest tenor for the fixed rate PIBs was three-years, with the cut-off yield slashed by 57 bps to 8.7pc. The government raised Rs75.5bn for this period.
Rs15,000, Rs7,500 prize bond to be discontinued: notification
By
A picture of various government issued prize bonds. Photo: File
Notification says government will no longer hold draws for the Rs 7,500 and Rs 15,000 bond.
Notification says Rs15,000 bonds will no longer be cashable after June 30
Notification says Rs7,500 bonds can only be encashed till December 31.
The government on Thursday announced that it will be discontinuing the use of Rs15,000 and Rs7,500 bonds, according to a notification issued by the federal government.
The notification stated that the government will no longer hold draws for the two bonds.
The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31.
Govt announces discontinuation of Rs15,000 and Rs7,500 bonds
Business
Thu, Apr 29, 2021
A notification issued by the federal government on Thursday showed that the Rs15,000 and Rs7,500 bonds will be discontinued.
The notification stated that the government will no longer hold draws for the two bonds.
The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31.
The notification stated that people who do not wish to cash the bonds can pay an additional amount and convert them into Rs25,000 and Rs40,000 bonds. It also stated that the users can convert those bonds into special savings and defence saving certificates.
National Savings Schemes sees increase in profit rates
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The government of Pakistan has increased the profit rates on the National Savings Scheme (NSS).
As per the details revealed by the sources, the rate of return on Defense Savings Certificates has been increased from 9.42% to 9.51%, while the rate of return on Special Savings Certificates has been increased from 7.97% to 8.40%.
Sources added that the rate of return on regular income certificates has been maintained at 9%, while the rate of return on welfare, pensioners, and martyrs welfare certificates will remain at 11.28%.
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