The Central Directorate of National Savings has announced reduction in profit rates on various saving schemes by up to 1.32 percentage points effective from Monday.
According to details, the CDNS has announced cut in profit rates following a 150bps reduction in key interest rate or discount rate by the State Bank of Pakistan earlier this month.
Profit rate on Regular Income Certificates is trimmed by 1.32 percentage points while on Special Saving Certificates profit rate is cut by 1.22 percentage points to 10.8 percent per annum. Moreover, profit rate on saving accounts is also cut by 1.24 percentage points to 7.4 percent.Profit rate on Defence Savings Certificate has been cut by 1.8% brining it down to 11.5 percent.
Financial experts believe that by reducing the profit, the government would be saving Rs 150 billion during the current financial year.
New rates will be effective from August 27.
Profit rates on National Savings schemes trimmed from 27th August
