ISLAMABAD – National Savings or Qaumi Bachat Bank revised the profit rates of various products, including the Regular Income Certificates, in May this year.
The bank recently revised the Regular Income Certificate’s profit rate on May 14, 2024, fixing the new rate at 14.64 percent or Rs1,220 per Rs100,000 investment.
Keeping in view the monthly requirements of the general public, the Regular Income Certificates (RICs) with a maturity period of five years were launched by the government in February 1993.
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 is paid on monthly basis to the investors starting from the date of issue of certificates.
Latest Profit Rate for Regular Income Certificates in July 2024
As per the revised policy, the profit rate on Regular Income Certificates has been increased to 14.64% per annum.
The Qaumi Bachat Banks offer Rs1,220 per month to the investors, with effect from May 14, 2024.
Zakat Deduction
The investment made in Regular Income Certificates is exempted from Zakat Deduction.
