Interest rates on saving certificates slashed up to 100 basis points

ISLAMABAD: The profit rate on saving certificates have been reduced up to 100 basis points due to sharp cut in key policy rate by the State Bank of Pakistan (SBP). The new rate of return on national saving certificates are applicable from June 02, 2020.

According to Central Directorate of National Savings (CDNS), the interest rate by one percent on the savings certificates investment due to lower rates of Pakistan Investment Bonds (PIB) applicable from June 02, 2020.

“The CDNS interest rates are linked with the policy of Pakistan Investment Bonds (PIBs), set the SBP,” an official of CDNS told state-run media.

The rate of return on ‘Behbood Savings Certificates’ (BSC) reduced from 10.32 to 9.84 percent and as similarly Pensioner Benefit Accounts (PBA) recorded downwards from 10.32 to 9.84 percent.

The profit rates on ‘Shuhada Family Welfare Account’ also reduced from 10.32 to new rates of 9.84 percent applicable from June 02 of this year.

The profit rates on ‘Defense Savings Certificates’ (DSC) was also reduced from 8.54 to 8.05 percent and interest rates on ‘Regular Income Certificates’ also downwards 8.28 to 7.44 percent according to the current market situation.

The profit rates on Special Savings Certificates (Registered)/Accounts was also reduced on all three categories of certificates from 1-5 Profit 8.00 to 7.10 percent, 6th Profit 8.60 percent 7.40 percent and Average 8.10 to 7.15 percent by June 02, 2020.

The Short Term Savings Certificates profit rates also reduced on different categories on months on month bases by 3- Months from 7.80 to 7.72 , on 6- Months certificates 7.50 to 7.36 percent and on 12-Months slightly increased from 6.95 to 7.30 percent.

The profit rates on Savings Account (SA) has also been reduced from 7.00 to 6.50 percent decided by last meeting held in Ministry of Finance.

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