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Half a million in Special Savings Certificates now returns Rs17,000

SAMAA | - Posted: Aug 4, 2020 | Last Updated: 2 months ago
SAMAA |
Posted: Aug 4, 2020 | Last Updated: 2 months ago
Half a million in Special Savings Certificates now returns Rs17,000

Photo: AFP

The government decreased on Tuesday the half-yearly profit rate on the Special Savings Certificates, according to a notification issued by the Ministry of Finance. A Rs500,000 Special Savings Certificate will now bring you a profit of Rs17,000, instead of Rs17,500.

However, the annual profit rate on special savings accounts has been increased from 6.8% to 7%.

Similarly, the annual profit rates on Martyrs Family Welfare Accounts and Pensioners Benefit Accounts were increased to 10.32%. Previously, the profit margin on these schemes was 9.96%.

There has been a reduction in the monthly profits on the Bahbood Savings Certificates. A Rs500,000 Bahbood certificate will now get you Rs4,150 per month, instead of Rs4,300.

Likewise, the quarterly profit on short-term savings accounts has been decreased to Rs1,530 from Rs1,700.

The new rate of return on national savings schemes will be effective from August 4.

The National Savings is the largest investment and financial institution in Pakistan with more than 7 million investors and over Rs3.4 trillion in its kitty. People can invest in its schemes through its 376 branches nationwide.

It is a department that functions under the finance ministry and promotes a culture of savings. The channel was first used during the World Wars I and II by the British government to raise funds for war-related expenses.

Besides promoting the culture of savings, it generates funds for the government to overcome budgetary deficit and finance infrastructure projects such as schools, hospitals, roads, bridges and dams.

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