Oct 012011
KARACHI: National Savings has decreased the profit rate on new investment starting from October 1, Geo News reported.
Director General of the National Savings Directorate Zaffar Sheikh said the profit rate would be 12.5% for three year schemes while schemes of five years would have a profit rate of 12.6%.
On defence savings the profit rate would be 12.68% while on Behbood certificates the profit rate would be 14.4%
According to Sheikh it was expected that the government would issue a prize bond of Rs 25,000 which would have a first prize worth Rs 10 million.
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mehengai barhti ja rahi hai rate kam hote ja rahe hain yeh log apni he policy bhool gaye hain kaya
Bahbood scheme was introduced in Musharaf period with 16% with a maximum investment of 3 Million rupees for senior citizens and pensioners over the age of 60 years. The present government is not interested in welfare of its citizens. Look at the cost of living and rise in prices due to dollar’s fall in last 4 years. The democratic government must think of welfare of its citizens elderly or not. Instead of raising the limit to 5 million they have drastically reduced this non profitable living income of white collar citizens who have served the country abroad or inside likewise.
ITS A SHAME ON THIS PEOPLE’S DEMOCRATIC GOVERNMENT.
Historically NS profit rates are high during PP Govt tenure. Having said that, theoretically country’s economy dictates the national savings profit rate . Under present inflation, Bahbood investment ceiling needs to be raised to 500K.
Bahbood scheme is for senior citizens/retired persons & mostly those persons are keeping their savings in this funds, who are not having any other source/business. I think the Govt. should consider this fact and not to decrease the rate at least for this pension scheme. Also, country economic is going down and prices of daily use items are going up day by day, not understand what indicaters are pressing Govt. to reduce the profit rates.
I also agree to the sugtgestion of above gentleman to increase the Maximjm Limit of Bahbood fund to 500k