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Govt revises revenue charges on saving schemes

The Central Directorate of National Savings
The federal government has slashed the speed of revenue by 40-72 foundation factors on varied saving schemes, making it tough to attain the goal of mobilising investments via the schemes from most of the people within the present fiscal 12 months.

The Central Directorate of Nationwide Financial savings (CDNS) — which works beneath the Ministry of Finance — introduced on Friday a lower within the price of revenue on the Pensioner Profit Accounts, Behbood Saving Certificates, Common Revenue Certificates, particular financial savings accounts, and Defence Certificates.

In the meantime, raised revenue charges on financial savings accounts.

The speed of revenue on Pensioner Profit Account and Behbood Certificates was decreased by 72 foundation factors every to 12.24% whereas the speed of revenue on Common Revenue Certificates was revised downwards by 48 foundation factors to 10.32%. The brand new charges got here into impact as we speak (February 4).

Charges on particular financial savings accounts have been decreased by 40 foundation factors to 10%, respectively.

The CDNS revised downwards the speed of Defence Certificates to 10.40% from 11.12%. Whereas it raised charges on saving accounts by 1% to eight.25%.

It’s pertinent to say right here that the CDNS, which affords saving certificates to particular person traders, reinvests the cash in authorities papers like Pakistan Funding Bonds (PIBs) and treasury payments (T-bills).