National Saving Schemes: rate on savings account revised
- Rates on other schemes remain unchanged
The Central Directorate of National Savings (CDNS) has revised the rate of return on National Savings Schemes (NSCs).
According to the notification issued by the Ministry of Finance, “rates of profit on Savings Account of National Savings Schemes have been revised w.e.f. 20th December 2022, while profit rate on others NSCs shall remain unchanged”.
Following the revision, the rate offered on Savings Account has registered an increase of 100bps (basis points), and now offers a return of 14.5% as compared to 13.5%.
The rate of return on NSCs including, Defense Savings Certificates (DSC), Bahbood Savings Certificates (BSC), Regular Income Certificates (RIC), Special Savings Certificates (SSC) and Pensioners Benefit Account (PBA), remains unchanged at 12.26%, 13.92%, 12.36%, 13% and 13.92%, respectively.
The change in the rate of return will take effect from December 20 till further notification shall be as follows.
Last month, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) raised the key interest rate by 100bps, taking it to 16%, the highest since 1998-1999.
"This decision reflects the MPC’s view that inflationary pressures have proven to be stronger and more persistent than expected. It is aimed at ensuring that elevated inflation does not become entrenched and that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis," the MPC said back then.
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