Profit rates on saving schemes reduced

KARACHI: The government has reduced the profit rates on saving certificates effect from November 01, 2019.

According to notifications issued by Central Directorate of National Savings (CDNS) on Tuesday, the profit rate on Defence Saving Certificate reduced by 2.33 percent to 10.68 percent.

The profit rate on Pension Behbood has been slashed by 2.28 percent to 12.48 percent.

The profit rate on Regular Income Certificate has been cut by 2.04 percent to 10.92 percent.

Similarly, the profit rate on Special Saving Certificate has been cut by 1.70 percent to 11 percent.

The profit rate on saving accounts has been slashed by 2.05 percent to 8.20 percent.

Khurram Schehzad, CEO, Alpha Beta Core said that the reduction in profit rate had been done in line with declining secondary market yields on bonds.

“Decline in fixed income profit rates is going to be positive for equities/stock market,” he added.

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