KARACHI: The Central Directorate of National Savings (CDNS) has reduced profit rates on several National Savings Schemes (NSS), with cuts ranging between 1 and 33 basis points (bps), effective from February 25.
The cuts, according to data released by Arif Habib Limited on Tuesday, affect a range of instruments, from short-term certificates to long-term savings plans, indicating increasing fiscal constraints and a possible adjustment in monetary policy.
The rate on Behbood Savings Certificates and Pensioners Benefits Account has been lowered by 10bps to 13.58 per cent, while Defence Savings Certificates saw a marginal decrease of 1bp to 12.14 per cent.
Larger cuts were made in Special Savings Certificates and Special Savings Accounts, both down 20bps to 11 per cent, while Short Term Savings Certificates registered the steepest decline, dropping 33bps to 10.81 per cent from 11.14 per cent.
Islamic savings products also faced reductions, with Serwa Islamic Saving Account and Serwa Islamic Term Account down 16bps to 9.74 per cent. The Shuhada Family Welfare Account was also revised down 10bps to 13.58 per cent.
Tamgha-e-Shujaat was conferred on four people for exhibiting extraordinary courage
Earlier this month, Fafen conducted an assessment of proactive disclosures of legally-required information by Punjab...
Faqir Chand, visionary leader born in Peshawar, Pakistan, and regarded by many as “father” of Indian IT industry
