National Saving Schemes: CDNS raises rates on its products
- Changes take effect from May 9 onward
The Central Directorate of National Savings (CDNS) announced that it has revised upwards the rates of return on some National Savings schemes.
In a tweet on Monday, CDNS Director General Hamid Raza Khalid stated that rates of Savings Account have been raised to 19.5% from 18.5%.
Moreover, Special Savings Certificates will now yield 17.4% against 17.13% earlier.
In addition, the return on three-month Short Term Savings Certificates (STSC) rose to 20.84% while yield of six-month STSC surged to 20.82%. The rates on 1-year STSC have been revised upward to 20.8%.
“Rates of other schemes remained unchanged,” Khalid wrote.
The change in the rate of return will take effect from May 9 onward.
The revision in rates of savings schemes come after the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) raised the key interest rate by 100bps, taking it to 21% last month.
The MPC noted that inflation in March 2023 rose further to 35.4% and it was expected to remain high in the near term.
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