KARACHI – The Central Directorate of National Savings or Qaumi Bachat has once again revised down the profit rate on Regular Income Certificates.
The Pakistani government launched the Regular Income Certificates (RICs) with a maturity period of five years in 1993 to cater the monthly requirements of the general public.
The certificates can be purchased in the denominations of Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs.5,000,000 and Rs.10,000,000.
The Qaumi Bachat Bank offers profit on the Regular Income Certificates on monthly basis starting from the date of issue of certificates.
Regular Income Certificates New Profit Rate
The National Savings has revised the profit rate for three times in less than three months with officials attributing the change to decline inflation rate in Pakistan.
As per the revised rates, the profit rate on the Regular Income Certificates has been fixed at 11.74 percent.
The investors will receive Rs979 per month in wake of profit as compared to previous Rs990 per month on each Rs100,000 investment.
Zakat Deduction
The investment made in Regular Income Certificates is exempted from Zakat Deduction.
