Return Rate On Savings Schemes Slashed


Return rate on savings schemes slashed

The sources say that the ministry has reduced rate of returns on Special Savings Certificates from 8. 10 per cent to 7.1 per cent.

ISLAMABAD: (UrduPoint/Pakistan Point News-June 2nd, 2020) The Finance Ministry reduced rate of return on Special Savings Certificates of National Savings Center Schemes, the sources said here on Tuesday.

The Finance Ministry reduced it from 8.10 percent to 7.1 percent. It also reduced the rate of return on pensions and welfare accounts by 48 basis points from 10.32 percent to 9.84 percent. The Ministry of Finance reduced the rate of return on Special Savings Certificates by 90 basis points. Finance ministry has reduced the rate of return on regular income savings certificates from 8.28 percent to 7.44 percent. Moreover,Ministry of Finance cut down the rate of return on Savings Accounts by 50 Basis Points from 7 percent to 6.50 percent. It also slashed rate of return on Defense Savings Certificates by 49 basis points and now it was at 8.05 percent from 8.54 percent.

Fida Hussnain

Fida Hussnain is a lahore based journalist. He writes on politics, religion, social issues and climate change. He is also a research fellow at University of Gujrat.