Policy rate on pension, other savings raised following SBP orders

ISLAMABAD: Policy rates on pension and other saving schemes in the country have been raised, following an increase in interest rate by the State Bank of Pakistan (SBP), ARY NEWS reported.

According to details, the interest rate on National Saving Schemes, pension and Behbood Savings Certificates (BSCs) have also seen an increase with the latter two witnessing a rise of 1.92 percent.

The pensioners and Behbood Savings Certificates (BSCs) will now avail a policy rate of 12.96 percent. An increase in the policy rate on saving accounts has also been notified. The increase in the rates would be implemented from December 12.

State Bank of Pakistan (SBP) in November announced that bank consumers would be receiving at least a 7.25 percent interest rate on their saving account from December 01 following a hike in the policy rate to 8.75 percent recently.

Sharing the details of the policy rate for bank consumers from its Twitter handle, the central bank said that after an increase in the policy rate and as per the SBP regulation for bank customers, the profit rate on savings account should rise by 1.5 percent to a minimum profit rate of 7.25 percent by December 01 at the latest.

1/3 As a result of the SBP policy rate increase announced on Friday (https://t.co/OrSpAlEEBc) and as per SBP regulation for bank customers, the profit rate on your savings account should rise by 1.5% to a minimum profit rate of 7.25% by 1 Dec 2021 at the latest.

— SBP (@StateBank_Pak) November 22, 2021