ISLAMABAD – The federal government has increased profit rates on all national savings schemes by up to 4 percent, days after a surge in the State Bank of Pakistan’s policy rate.
Central Directorate of National Savings has increased the rate of return on Special Savings Certificates from 13 percent to 17.13 percent.
The rate on Savings Accounts (SA) has been increased by 4 percent to 18.50pc, and Short Term Savings Certificates (STSC) to 19.82pc with a surge of 3.86pc. The rate of Bahbood Savings Certificates (BSC) and Pensioners Benefit Account (PBA) saw an increase of 2.64 percent to 16.56 percent.
Earlier, the central bank revealed that investors take out Rs32.38 billion from saving schemes in February this year with a total disinvestment of Rs285.73 billion in the first eight months of the current fiscal year 2023.
Pakistan raises interest rate to 21pc to rein in record inflation
The recent development comes days after the State Bank of Pakistan jacked up its key interest rate to a record 21 percent in its last Monetary Policy Committee meeting on April 04 to tackle back-breaking inflation.
