KARACHI – The Central Directorate of National Savings or Qaumi Bachat Bank lately decreased the profit rate on various certificates, including Regular Income Certificates, with effect from October 2024.
The government launched the Regular Income Certificates (RICs) with a maturity period of five years in 1993 to cater the monthly requirements of the general public.
The certificates are available in the denominations of Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs.5,000,000 and Rs.10,000,000.
Profit on the Regular Income Certificates is paid on monthly basis to the investors starting from the date of issue of certificates.
Profit on Each Rs100,000 Investment in Regular Income Certificates
As per the revised policy, the profit rate on Regular Income Certificates has been decreased to 12.72 percent.
The Qaumi Bachat Bank previously offered Rs1,220 per month on Rs100,000 investment to the investors. However, the profit has now been decreased accordingly after latest changes.
Zakat Deduction
The investment made in Regular Income Certificates is exempted from Zakat Deduction.
