Govt cuts down interest rates on National Savings Schemes. 29th-June-2013 ISLAMABAD: The government has slashed down interest rates on various products of National Savings Schemes (NSS) in line with reduction in discount rate policy unveiled by the State Bank of Pakistan (SBP). According to announcement made by CDNS on Friday, as a consequence of reduction in discount rate by SBP, the government has downward revised interest rates on NSS for the investment made on or after 01-07-2013. The instant revision is made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of national savings. As per notification issued by the federal government the new rates for special savings certificates (R)/account, regular income certificates, defence savings certificates and savings accounts have been fixed at 8.92 percent, 9.72 percent, 10.36 percent and 6.00 percent respectively. While, the new rates for short term savings certificates of three months, six months and one year have been fixed at 8.45 percent, 8.50 percent and 8.55 percent respectively, the profit rate of return for specialized savings schemes i.e. Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 12.24 percent in order to provide safety net to specialized segments of society.
Posted on: Sat, 29 Jun 2013 10:14:16 +0000
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