Qaumi Bachat Bank New Profit Rates 2024 [Regular Income Certificates]

Looking for a reliable investment opportunity with monthly returns? Look no further! The National Savings, also known as ‘Qaumi Bachat Bank,’ presents the Regular Income Certificates (RICs). Introduced in February 1993 with a five-year maturity period, these certificates offer an attractive option for those seeking consistent monthly profits. Investing wisely for consistent returns is a key financial strategy. In Pakistan, National Savings has been a trusted financial institution offering various investment opportunities to the public. In this post, we delve into the recent updates on Qaumi Bachat Bank New Profit Rates for 2024, focusing on Regular Income Certificates (RICs), and more.

Qaumi Bachat Bank

The National Savings of Pakistan, commonly referred to as Qaumi Bachat Bank, is a prominent financial institution in Pakistan. Its primary objective is to promote financial inclusion and cultivate a savings culture among the public. The organization offers a range of savings schemes and certificates that provide attractive investment opportunities to individuals seeking regular returns on their investments.

New Profit Rates (Effective January 26, 2024)

The National Savings recently announced revised profit rates, which came into effect on January 26, 2024. These revisions have implications for investors, as they impact the returns they can expect from their investments. Let’s explore the specific changes in profit rates for different savings schemes and certificates.

Regular Income Certificates (RICs)

Regular Income Certificates (RICs) are a popular savings scheme offered by the National Savings. Introduced in February 1993, RICs offer investors monthly profits for a five-year maturity period.

• Denominations: RICs are available in various denominations, catering to diverse investment needs: Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs. 5,000,000, and Rs. 10,000,000.
• Monthly Profits: Investors begin receiving monthly profits right from the issuance date of the certificate.

Starting February 1, investors in RICs will receive Rs. 1,250 per month, providing a steady income stream.

Special Savings Certificates (SSCs)

Special Savings Certificates (SSCs) are another popular savings scheme offered by the National Savings. They provide bi-annual returns and cater to the needs of small and medium-range investors. The revised profit rate for SSCs is 16.0 percent per annum. Although there has been a decrease in the profit rate, SSCs continue to offer competitive returns.

Launched on February 4, 1990, SSCs have been a popular choice for small and medium-range investors. With unique bi-annual returns, these certificates are available in denominations ranging from Rs. 500 to Rs. 1,000,000. The recent revision in profit rates, effective January 26, sets the stage for an enticing investment journey.

Revised Profit Rates for SSCs:

• Months 1 to 5: 16% per annum, translating to Rs. 8,000 per Rs. 100,000 (per 6 months).
• 6th Month (Last): 16.6% per annum, equivalent to Rs. 8,300 per Rs. 100,000 (per 6 months).

Investors can benefit from these rates, considering the withholding tax and zakat regulations outlined by the State Bank of Pakistan.
Savings Accounts are a primary choice for individuals looking to make regular deposits and receive attractive returns. The revised profit rate for Savings Accounts is now 20.50 percent per annum, representing a slight increase. This adjustment makes Savings Accounts an even more appealing option for those seeking readily accessible returns

Pensioner Benefit Account

Pensioner Benefit Accounts provide a financial solution for retired individuals, offering them a regular income stream. The revised profit rate for Pensioner Benefit Accounts is 16.08 percent per annum, reflecting a decrease. Retirees relying on this income stream may need to review their financial plans in light of the revised rates.

Other Savings Schemes and Certificates

In addition to RICs, SSCs, Savings Accounts, and Pensioner Benefit Accounts, the National Savings offers various other savings schemes and certificates. These include Defence Savings Certificates and Behbood Savings Certificates, among others. While the profit rates for these schemes may also have been revised, they continue to provide investment options for individuals with different financial goals and requirements.

The National Savings of Pakistan provides a range of savings schemes and certificates to promote a savings culture and generate regular returns on investments. The recently revised Qaumi Bachat Bank New Profit Rates 2024 require investors to carefully assess their investment strategies and consider the implications of these changes. By staying informed about the revised rates and exploring the various savings schemes offered by the National Savings organization, individuals can make informed decisions that align with their financial objectives.