National Savings Schemes interest rates up

ISLAMABAD  - The government on Monday enhanced the interest rates on various products of National Savings Schemes (NSS) in line with increase in the discount rate policy unveiled by the State Bank of Pakistan (SBP).
Zafar Shaikh, Director General National Savings Organization, informed The Nation that the new rates would be effective from today (Tuesday). The government has enhanced the interest rate following the decision of central bank to increase the discount rate by 0.50 per cent in last monetary policy announced on September 13.
The State Bank of Pakistan had increased the discount rate to 9.5 percent from 9 percent in last monetary policy.
According to the official of National Savings Organization, the government has increased the saving account to 7.5 percent from 6 per cent.
The new rates for short-term savings certificates of three months, six months and one year have been fixed at 8.85 per cent, 8.95 per cent and 9 per cent respectively from earlier 8.45 per cent, 8.5 per cent and 8.55 per cent respectively.
He further informed that rates of special savings certificates (three years) have been enhanced to 11 per cent from existing 8.92 per cent. The rates of regular income certificates (5 years) have been increased to 11.4 per cent from 9.48 per cent.
The rates of defence savings certificates have been enhanced to 11.87 per cent from existing 10.36 per cent.
 Similarly, the rates of the profit rate of return for specialised savings schemes i.e. Bahbood Savings Certificates and Pensioners’ Benefit Account have also been revised and fixed at 13.68 percent from 12.24 percent in order to provide safety net to specialised segments of society.
The new rates are to be applicable on all investments made on or after August October 1 2013. It is worth mentioning here that rate of National Savings Schemes (NSS) are linked with discount rate.