New profit rates unveiled for National Savings Schemes

The Central Directorate of National Savings (CDNS) has recently adjusted the rates of return on several National Savings Schemes.

Special Savings Certificates (SSC) will now offer a 16 per cent return, down by 40 basis points (bps) from the previous 16.4 per cent.

Similarly, Defence Saving Certificates (DSC) will yield 14.22 per cent, a decrease of 19 bps from the earlier 14.41 per cent.

Short Term Savings Certificates (STSC) will see a decline to 20.34 per cent from the previous 20.8 per cent, reflecting a 46 bps decrease.

Moreover, Regular Income Certificates (RIC) now offer a 15 per cent return, down by 12 bps from the previous 15.12 per cent.

Notably, Bahbood Savings Certificates (BSC), Savings Account (SA), and Pensioners Benefit Account (PBA) rates remain unchanged.

These adjustments will take effect from January 26. The revision precedes the upcoming Monetary Policy Committee (MPC) meeting of the State Bank of Pakistan (SBP) on Monday, January 29, 2023.

In the last MPC meeting, the SBP maintained the key interest rate at 22 per cent, anticipating a significant decline in headline inflation during the second half of FY24.

The December Consumer Price Index (CPI)-based inflation registered at 29.7 per cent year-on-year, slightly higher than November, with a 0.8 per cent month-on-month increase.