Qaumi Bachat Bank Decreases Profit Rates on Multiple Certificates

• Qaumi Bachat Bank, also known as the Central Directorate of National Savings.
• Qaumi Bachat Bank lower profit rates on RICs from October 2024.
• The profit rate on regular income certificates has been decreased to 12.72 percent.

KARACHI: The Central Directorate of National Savings, also known as Qaumi Bachat Bank, has recently lowered the profit rates on various savings certificates, including the Regular Income Certificates (RICs), effective from October 2024.

Introduced in 1993, RICs are designed with a five-year maturity period to provide monthly income to the general public. These certificates are available in denominations of Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs. 5,000,000, and Rs. 10,000,000.

Investors receive monthly profit payments on these certificates from the date of issuance. Following the recent adjustment, the profit rate on RICs now stands at 12.72%. Previously, an investment of Rs. 100,000 yielded Rs. 1,220 per month, but this amount has been reduced under the new rates.

Additionally, RIC investments are exempt from Zakat deductions, providing further benefits to investors seeking regular income options through the Qaumi Bachat Bank's offerings.

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