In response to rising policy rates, the government has increased profit rates on all national savings systems (NSS) by significant margins, effective April 10, 2023.
The decision was made after a significant hike in the policy rate by the State Bank of Pakistan. (SBP). To combat inflation, the central bank increased its benchmark interest rate to a record 21% at its most recent Monetary Policy Committee meeting on April 4.
According to a notification issued on Friday, the Finance Division has announced that the rate of profit on deposits made in Pensioners’ Benefit Accounts and Behbood Savings Certificates will be 16.56% per annum with effect from April 10, 2023 until further notification, in the exercise of the powers conferred by Rule-II of the Pensioners’ Benefit Accounts Rules, 2003.
With effect from April 10, 2023 until further notice, the profit rate on deposits placed in Shuhada’s Family Welfare Account will be 16.56% per annum.
The profit rate on Defence Saving Certificates was also enhanced by the Central Directorate of National Savings (CDNS) from 9.29% to 14.87%.
Regular Income Certificates now return 12.84% of the original investment.
Similarly, the profit margin on three-year Special Saving Certificates and Special Savings Accounts was raised to 17% for the first five profits and 17.8% for the sixth profit, while the yield on Saving Accounts (running accounts) was raised to 18.5%.
According to the rules, withholding tax and zakat will be collected.