Saving schemes return rate cut

[Naveed Yaseen]

LAHORE: The government has reduced the rate of return on National Savings Schemes by 0.5 to 1.9%. The new rates will apply to investment received on or after July 1, 2009 (today), a private TV channel reported. According to the Central Directorate of National Savings, the rate of return on Behbood Savings Certificats/Pensioners Benefit Accounts has been cut by 1.84% points to 14.16%, while profit on special saving certificates has been brought down 1.33% points to 11.62%. The rate of profit on Defence Saving Certificates remains unchanged at 12.15 percent. daily times monitor

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