The government has increased profit rates on several national savings schemes, including those for pensioners, senior citizens and families of martyrs. The revised rates take effect from October 21, according to a schedule issued by the Central Directorate of National Savings (CDNS).
The profit rate on Behbood Savings Certificates, Pensioners Benefit Accounts and Shuhada Family Welfare Accounts has risen to 12.96 percent from 12.72 percent. The monthly profit on an investment of Rs100,000 under these schemes will increase to Rs1,080 from Rs1,060.
The rate on Regular Income Certificates has been raised to 12.12 percent from 11.76 percent, lifting the monthly return on Rs100,000 to Rs1,010 from Rs980. Special Savings Certificates now carry a rate of 12 percent, up from 11.6 percent, for the first five profit payments.
Investors will receive Rs6,000 every six months on Rs100,000, while the sixth and final payment will be Rs6,400 at a rate of 12.8 percent. Cumulative returns on Defence Savings Certificates have also increased across maturities:
- Six years: 88 percent, up from 86 percent
- Seven years: 113 percent, up from 109 percent
- Eight years: 142 percent, up from 136 percent
- Nine years: 176 percent, up from 168 percent
- Ten years: 215 percent, up from 205 percent
Short Term Savings Certificates have also seen an upward revision. The three-month rate has gone up to 11.12 percent from 10.80 percent, with rates of up to 11.72 percent for longer maturities.
Returns on Sharia-compliant schemes have increased as well. Sarwa Islamic Term Accounts now offer between 11.84 percent and 12.12 percent depending on maturity, while the rate on Sarwa Islamic Savings Accounts has risen to 11.84 percent from 11.33 percent.
The profit rate on ordinary Savings Accounts remains unchanged at 10 percent per annum.
Under the official schedule, profits are subject to withholding tax of 15 percent for filers and 30 percent for non-filers. Zakat deductions apply where prescribed under the relevant rules.