Government has upraised the profit rate by 20-125 basis points on numerous saving schemes, to mobilize high investment in saving products.
The Central Directorate of National Savings (CDNS) — which works under the Finance Ministry — publicized on Saturday an upsurge in the rate of profit on savings accounts and regular account.
Though, the profit rates on Pensioner Benefit Accounts, Behbood Saving Certificates, special savings accounts, and Defence Saving Certificates unchanged.
The rate of profit on regular income was enlarged by 24 basis points each to 12.60% while the rate of profit on a savings account was reviewed upwards by 125 basis points to 13.50%.
It is important to mention here that the CDNS, which offers saving certificates to individual investors, reinvests the money in government papers like Pakistan Investment Bonds (PIBs) and treasury bills (T-bills).