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Govt increases profit rates on saving schemes

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2 years ago

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  • CDNS says new rates effective from May 9.
  • Savings Account rates increase from 18.5% to 19.5%
  • Special Savings Certificates will now yield 17.4%.

The government has revised the rate of profit on national saving schemes by upto 1% to make the schemes lucrative and mobilise investment from the general public, The News reported Tuesday.

The Central Directorate of National Savings (CDNS) — which works under the Ministry of Finance — announced an increase in the rates of return on some of its National Savings schemes, effective from May 9, 2023.

Taking to his Twitter handle, CDNS Director General Hamid Raza Khalid wrote that the Savings Account rates have been raised from 18.5% to 19.5%. 

Additionally, Special Savings Certificates will now yield 17.4% compared to the previous rate of 17.13%.

The rates on three-month Short Term Savings Certificates (STSC) have been increased to 20.84%, while the yield of six-month STSC has surged to 20.82%.

Rates on 1-year STSC have also been revised upward to 20.8%. Khalid said the rates on other schemes will remain unchanged. 

CurrentPreviousChange
Defence Saving Certificates (DSC)14.87%14.87%—
Bahbood Saving Certificates (BSC)16.56%16.56%—
Regular Income Certificates (RIC)12.84%12.84%—
Special Saving Certificates (SSC)17.40%17.13%+27
Savings Account (SA)19.50%18.50%+100
Pensioners Benefit Account (PBA)16.56%16.56%—
Short Term Saving Certificates (STSC)20.8%19.82%+98

The revision in the rates of National Savings schemes comes after the State Bank of Pakistan raised the key interest rate by 100 basis points, taking it to 21% last month. 

This decision was made due to back-breaking inflation and is expected to remain high in the near future.

The CDNS, which offers saving certificates to individual investors, reinvests the money in government papers like Pakistan Investment Bonds (PIBs) and treasury bills (T-bills).

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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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19 hours ago

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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2 days ago

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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Business

When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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2 days ago

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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