The government has slashed the rate of profit by 40-72 basis points on various saving schemes, making it difficult to achieve the target of mobilising investments through the schemes from the general public in the current fiscal year.
The Central Directorate of National Savings announced on Friday a decrease in the rate of profit on the Pensioner Benefit Accounts, Behbood Saving Certificates, Regular Income Certificates, Special Savings Accounts, and Defence Certificates.
The rate of profit on Pensioner Benefit Account and Behbood Certificate was decreased by 72 basis points each to 12.24% while the rate of profit on Regular Income Certificates was revised downwards by 48 basis points to 10.32%. The new rates came into effect from February 4. Rates on special savings accounts were reduced by 40 basis points to 10%, respectively.
