ISLAMABAD, Jun 2 (APP):The Central Directorate of National Savings (CDNS) has reduced the interest rate by 1 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 PIB, set by State Bank of Pakistan (SBP),” said a senior official of CDNS while talking to APP on Tuesday.
Replying to a question on the reduction of CDNS profit rate, he said 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, he said.
He said 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.
He informed that 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% 7.40 percent and Average 8.10 to 7.15 percent by June 02 , 2020.
The senior official said 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.
He said the profit rates on Savings Account (SA) had also been reduced from 7.00 to 6.50 percent decided by last meeting held in Ministry of Finance.
Replying to a question, he said CDNS did not accept institutional investment, but only individual investment were encouraged to deposit for saving in the National Savings.