The government has revised down the interest rates on the National Savings Schemes (NSS) on investments with effect from January 1, 2013, according to a statement.
According to the announcement made by the Central Directorate of National Savings (CDNS), in response to considerable slash in the discount rate by the State Bank of Pakistan (SBP), the government has revised down the profit rates on National Savings Schemes for the investment made on or after January 1, 2013.
The instant revision is made in the backdrop of the current market scenario and in accordance with the government’s policy to provide market-based competitive rate of return to the investors of the National Savings Schemes, it said.
As per the notification issued by the federal government, the new rates for Special Savings Certificates (R) /Account, Regular Income Certificate, Defence Savings Certificates and Savings Accounts has been fixed at 9.80 percent, 10.368 percent, 10.84 percent and 6.65 percent, respectively.
The new rates for Short Term Savings Certificates of three months, six months and one year have been fixed at 8.85 percent, 8.90 percent and 8.95 percent, respectively.
However, the profit rate of return for Specialised Savings Schemes, ie, Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 12.72 percent in order to provide safety net to the specialised segment of the society.
The investment made before the closing hours of December 31, 2012 will enjoy the previous profit rates, it added.