Profits on all saving schemes slashed

By: News Desk
Published: 11:59 AM, 23 Feb, 2022
Profits on all saving schemes slashed
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The Central Directorate of National Savings (CDNS) of the Finance Division revised and slashed profit rates on national savings schemes, reported 24NewsHD TV channel on Wednesday. 

The profit ratio has been slashed from 12 percent to 10.12 percent annually. 

The profit ratio on defence saving certificates has been decreased from 10.40 percent to 10.32 percent. However, there is no change in the special saving certificate for the time duration of six months to 30 months. 

The special saving profit has been reduced from 11.40 percent to 11 percent profit. 

The notification reads, “…The revision in the rates of DSCs, RICs, STSCs, SSCs and SSAs respectively with effect from February 22, 2022 till any further revision. While profit rate on PBA, BSC, SFWA & Savings Account shall remain unchanged till further notification.”

“In view of the above-said revision in the rate of profit, it has been decided that the existing stock of blank Defence Savings Certificates, Special Savings Certificates (Registered) and Regular Income Certificates may now be used by affixing rubber stamp on top left corner containing the words "Issue-58, Issue-63, Issue-59" respectively.”

The notification further reads, “Rubber stamps containing the revised rates may also be affixed on all the Certificates invariably before their issuance. Till preparation of the rubber stamps for the purpose, the above words and revised rates be written in bold letters in red ink on the reverse of the certificates. Further, copies of said Finance Division's Notifications of revised rates must be placed at prominent place / Notice Board of all NSCs for information of general public/investors.” 

Finance Division said that the Regional Directors and the Inspection Authorities, National Savings are requested to check compliance of the above instructions during their visit to the National Savings Centres.