The Pakistani government has significantly increased profit rates for all National Savings Schemes (NSS), effective April 10, 2023.
Following the State Bank of Pakistan’s (SBP) substantial policy rate increase. The central bank recently set its key interest rate at a record 21% during its last Monetary Policy Committee meeting on April 4, aiming to control inflation.
A recent notification states that the Finance Division, utilizing its authority under Rule-II of the Pensioners’ Benefit Accounts Rules 2003, has set the profit rate on Pensioners’ Benefit Accounts and Behbood Savings Certificates at 16.56% per annum, starting from April 10, 2023, until further notice. Shuhada’s Family Welfare Account will also see a profit rate of 16.56% per annum during the same period.
The Central Directorate of National Savings (CDNS) raised the profit rate on Defence Saving Certificates from 9.29% to 14.87%. The return on Regular Income Certificates has been increased to 12.84% of the total investment.
Additionally, the profit margin for three-year Special Saving Certificates and Special Savings Accounts has been raised to 17% for the first five profits and 17.8% for the sixth profit. The return on Saving Accounts (running accounts) has been increased to 18.5%.
Deductions for Withholding Tax and Zakat will be applied according to the rules.
