Profit rates on saving schemes raised.
ISLAMABAD -- The federal government has increased the rate of profit on two national saving certificates to attract investors to park their savings in the national schemes, as net investment in saving certificates and prize bonds turned negative in the first six months of current fiscal year.
People pulled out a significant amount of investment mainly during December 2020. Accordingly, the net investment became negative at Rs8.98 billion in July-December 2020, according to the State Bank of Pakistan (SBP).
The Central Directorate of National Savings (CDNS), which offers saving schemes to the general public, announced that it had increased the rate of profit on Defence Saving Certificates (DSC) by 27 basis points to 9.51%.
Besides, the rate of profit on Special Saving Certificates (SSC) was revised upwards by 60 basis points to 8.40%. The new profit rates came into effect on Wednesday, March 3.
It is for the second time in two months that CDNS - which works under the ambit of Ministry of Finance - has increased the rate of profit on the two certificates. CDNS re-invests the funds received from retail investors in three to 10-year Pakistan Investment Bonds (PIBs) and award profit to the investors on the income earned from PIBs.
CDNS is managing investment portfolio of around seven million individual and old institutional investors.
The government utilises the investment attracted through the national saving accounts and certificates to bridge the budget deficit.
'CDNS has increased the rate of profit in line with the surge in the rate of return on PIBs,' AHL Research Head Tahir Abbas said while talking to The Express Tribune.
Rates of return on PIBs have been on the rise for quite a long time. For example, the cut-off yield (profit rate) on three-year PIBs increased by 42 basis points in the last auction of government paper on Wednesday.
Similarly, the cut-off yield on five-year and 10-year PIBs surged by 31 basis points and 14 basis points respectively in the latest auction conducted by the central bank, he noted.
The rate of profit on other saving certificates remained unchanged. Accordingly, the rate of profit on Behbood Saving...
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