CDNS slashes profit rates

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ISLAMABAD - In response to considerable slash in discount rate by State Bank of Pakistan, the federal government has downward revised the profit rates on National Savings Schemes for the investment made on or after 1-1-2013.

 

A statement issued by the CDNS here on Tuesday said that the instant revision has been 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 federal government, the new rates for Special Savings Certificates(R)/Account, Regular Income Certificate, Defence Savings Certificates and Savings Accounts have been fixed at 09.80pc, 10.368pc, 10.84pc and 6.65pc respectively.

The new rates for Short Term Savings Certificates of 3 Months, 6 Months and 1 Year have been fixed at 8.85pc, 8.90pc and 8.95pc respectively. However, 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 12.72pc in order to provide safety net to specialized segment of society.

It is pertinent to mention that the investment made before the closing hours of 31-12-2012 will enjoy the previous profit rates, the statement added.

 

Courtesy: Nation


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