The Central Directorate of National Savings (CDNS) has lowered the interest rates on several National Savings Schemes starting from February 21, 2024. This marks the third consecutive reduction in the past two months. The decision is in line with the decreasing inflation and interest rates across the country.

According to the CDNS notification, several schemes witnessed rate cuts: Special Savings Certificates (SSC) decreased by 40 bps to 15.6%, Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhada Family Welfare Account dropped by 72bps to 15.36%, and Defence Saving Certificates (DSC) declined by 55bps to 13.67%. Short Term Savings Certificates (STSC) saw a 58bps reduction to 19.76%, while Regular Income Certificates (RIC) decreased by 36bps to 14.64%.

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However, rates for Saving Account, Sarwa Islamic Term Account, and Sarwa Islamic Saving Account remained unchanged.

The CDNS’s decision comes after the State Bank of Pakistan (SBP) maintained the key interest rate at 22% in its recent monetary policy committee meeting, hinting at potential rate cuts in the future.