National Savings or Qaumi Bachat Bank has just revised down profit rates of several products, including the Regular Income Certificates.
The bank lately revised the Regular Income Certificate’s profit rate on May 14, 2024, fixing the new rate at 14.64 percent.
Keeping in view the monthly supplies of the general public, the Regular Income Certificates (RICs) with a maturity period of five years were launched by the government in February 1993.
The certificates are accessible in the moneys of Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs.5,000,000 and Rs.10,000,000.
Profit is paid on monthly basis to the stockholders starting from the date of issue of certificates.
Latest Profit Rate for Regular Income Certificates
As per the reviewed policy, the profit rate on Regular Income Certificates has been enlarged to 14.64% per annum.
The Qaumi Bachat Banks offerx Rs1,220 per month to the investors, with effect from May 14, 2024.
Zakat Deduction
The investment made in Regular Income Certificates is exempt from Zakat Deduction.
