The Central Directorate of National Savings (CDNS) has revised the rates of return on some of its National Savings Schemes.
Rates of Special Savings Certificates (SSC) have been reduced by 40bps to 16% from 16.4% earlier. The Defence Saving Certificates (DSC) will now offer a 14.22% return, as compared to a 14.41% return, a decline of 19bps.
Short Term Savings Certificates (STSC) will now yield 20.34% as compared to the earlier 20.8%, a decrease of 46bps.
In addition, the return on Regular Income Certificates (RIC) has been reduced to 15% from 15.12%, a decrease of 12bps.
Meanwhile, the rates of Bahbood Savings Certificates (BSC), Savings Account (SA) and Pensioners Benefit Account (PBA) remained unchanged.
The change in the rate of return will take effect from January 26 onward.
National Saving Schemes: CDNS revises rates of return downwards
The revision in rates of savings schemes comes days before the Monetary Policy Committee (MPC) meeting of the State Bank of Pakistan (SBP), which is scheduled to be held on Monday, January 29 2023.
The SBP kept the key interest rate unchanged at 22% in its last MPC.
The MPC continues to expect headline inflation will decline significantly in the second half of FY24 due to contained aggregate demand, easing supply constraints, moderation in international commodity prices and favorable base effect.
The Consumer Price Index (CPI)-based inflation clocked in at 29.7% on a year-on-year basis in December, marginally higher than the reading in November when it stood at 29.29%. On a month-on-month basis, the reading was up 0.8%.
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