The government has reduced the profit rates on National Saving Schemes effective August 27, 2012 (Monday).
The decision was taken after the reduction in the interest rates in the monetary policy statement released earlier by the State Bank of Pakistan. According to the Central Directorate of National Saving Schemes‚ the new profit rate on Special Saving Certificates – a three-year maturity scheme on which profit is paid semi-annually – will be 10.8%.
Profit rates have been reduced on the Regular Income Certificates – a five-year maturity scheme on which profit is paid monthly from the date of issue –by 1.32% and on Defense Certificates – a ten-year maturity scheme with a feature of automatic reinvestment after maturity – by 1.18%. The investments in the schemes are fully guaranteed by the government.
Published in The Express Tribune, August 26th, 2012.
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So the lower/middle class savers are taking a hit and the industrialists cheered the rate cut? Wait wait.. Even SBP states that there is ZERO private sector borrowing. That means the biggest gainer in the game is the Federal Govt! Smoke and mirror.. smoke and mirror!
thanks God I purchased a month ago. yet its too bad as govt is discouraged to save though.