|
Getting your Trinity Audio player ready...
|
In a recent update, National Savings, also known as Qaumi Bachat Bank, has adjusted the profit rates across its range of products, which includes the Regular Income Certificates.
The bank implemented a revision specifically for the profit rate of Regular Income Certificates on March 19, 2024, setting it at 14.76 percent.
Introduced by the government in February 1993, the Regular Income Certificates (RICs) were tailored to meet the monthly financial needs of the general populace, with a maturity period of five years.
These certificates are available in various denominations, ranging from Rs. 50,000 to Rs. 10,000,000.
Read Also: Anticipated Salary Boost for Government Employees in June 2024
Investors receive their profits on a monthly basis, commencing from the date of issuance of the certificates.
Under the latest policy adjustment, the profit rate for Regular Income Certificates has been elevated to 14.76% per annum.
Effective March 19, 2024, investors can now receive Rs. 1,230 per month from Qaumi Bachat Banks.
Furthermore, investments made in Regular Income Certificates are exempted from Zakat Deduction, providing additional financial flexibility to investors.