The government has just upped the interest rates on New Pakistan Savings Certificates, giving you a chance to earn more on your savings. Let's break it down in simpler terms:
Short-term certificates: If you invest for three months, you'll now get 8.25% instead of 7%. For six months, it's 8.50% instead of 7.20%.
One-year certificates: The rate has jumped from 7.50% to 9%, which is fantastic for those who plan to invest for a year.
Long-term certificates: If you're in it for three or five years, the interest rate is a steady 8%.
British Pound investors: Rates are up. Three months is now at 7.25%, six months at 7.50%, and one year at 8%. The long-term certificates remain at 7.50%.
Euro investors: Three months now fetch 6.25%, six months 6.50%, and one year 7%. Long-term stays at 6.50%.
Pakistani Rupee savers: Here's the big one. Three months at 21%, six months at 21.25%, one year at 21.50%, three years at 17.50%, and five years at 15%.
These rate hikes are meant to encourage more people to save and invest, which can help the country's economy grow stronger.
