KARACHI: The Central Directorate of National Savings (CDNS) on Thursday announced an increase in the profit rates up to 240 basis points (2.4 per cent) for various saving schemes.

According to the notification, the rate has been increased by 240 basis points to 10.6 per cent from 8.20 per cent on profit derived from the special savings account.

The profit rate on regular income certificates has been increased 204 basis points to 10.8 per cent from 8.76 per cent.

The rates of profit on pension and Behbood certificates have been increased 192 basis points on each scheme to 12.96 per cent from 11.04 per cent.

Similarly, the profit rate has been increased 175 basis points to 7.25 per cent from 5.5 per cent on saving accounts.

Meanwhile, the profit rate on defence saving certificates has been increased 161 basis points to 10.98 per cent from 9.37 per cent.

The new profit rates are applicable with effect from December 10, 2021.

Analysts said the latest changes in the profit rates has been made after the massive rise in the interest rate announced by the State Bank of Pakistan (SBP) in its last monetary policy statement.

The central bank in its policy statement on November 19, 2021, increased the key policy rate by 150 basis points to 8.75 per cent.