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Economy

finance ministry raises rates of return on National savings

The overall rates of return in National Savings Schemes have been increased on Thursday by the ministry of finance via a notification. The rate of return on Defense Savings Certificates has been raised from 8.49% to 9.42%. Similarly, the rate of return on regular income certificates have risen from 8.04% to 9%.

Additionally, the profit rate on Special Savings Certificates increased from 7.77% to 7.97% which is not too much. On the other hand, the rate of return on Behbud Savings Certificates has been increased from 10.32% to 11.28%. Previously the rate was decreased to approximately 8% from which it increased to 10.32%

According to the notification, the rate of return on National Benefit Accounts has also been increased from 10.32% to 11.28%. The rate of return on Martyrs Family Welfare Account has also been increased from 10.32 to 11.28%.

As far as short-term savings certificates are concerned the rates have been increased on the returns as well. The rate of return was fixed at 6.76% for a period of 3 months. The six-month profit margin was set at 6.80 to 6.82%, says the notification. The 12-month rate of return was raised from 6.80 to 6.92%. However, the rate of return on the savings account will remain at 5.5%.

The Finance Ministry has issued a notification that the new rate will be applicable from January 21.

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