ISLAMABAD – The National Savings, also known as Qaumi Bachat Bank, has recently updated the profit rates for its various products, including the Regular Income Certificates (RICs). As of May 14, 2024, the new profit rate for RICs is set at 14.64 percent per annum.
The Regular Income Certificates, introduced by the government in February 1993, are designed to meet the monthly financial needs of the general public. These certificates have a maturity period of five years and are available in denominations of Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs. 5,000,000, and Rs. 10,000,000.
Investors receive their profit payments on a monthly basis, starting from the date of issue of the certificates. With the revised profit rate, investors will now earn Rs. 1,220 per month for every Rs. 100,000 invested, effective from May 14, 2024.
Additionally, the investment in Regular Income Certificates is exempt from Zakat deduction, providing further financial benefits to the investors.
This revision aims to provide better returns to investors, making the Regular Income Certificates an attractive option for those looking for steady monthly income.
