Govt increases profit rates on saving schemes

The government has raised the rate of profit by 20-125 basis points on various saving schemes, to mobilise high investment in saving products, reported 24NewsHD TV channel Saturday.

The Central Directorate of National Savings (CDNS) — which works under the Finance Ministry — announced on Saturday an increase in the rate of profit on savings accounts and regular account.

However, 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 increased by 24 basis points each to 12.60% while the rate of profit on a savings account was revised upwards by 125 basis points to 13.50%.