Last Updated on April 8, 2023 by Galaxy World
Government of Pakistan, Finance Division issued a Notification on 07-04-2023 in connection with Increase Profit Rates 2023 Special Saving Accounts. The Finance Division enhances the rate son profit with effect from 10th April 2023.
Revised Increase Profit Rates 2023 Special Saving Accounts
The enhanced revised rates on the deposits made in special saving accounts are as under:
The government of Pakistan Finance Department announces new rates of profit admissible on savings accounts. For this purpose Finance department issues notification In the exercise of powers conferred by subclause (1) and (2) of (e) of rule 36-E of Post Office saving bank Rules. The finance department is pleased to direct the new rates of profit on the investments or deposits made in Special Saving Accounts. This will effect from 10th April 2023.
New Revised Profit Rates On Deposits (Principal Amounts) In BSA
According to the state bank rules finance department releases new profit rates for all saving account holders. In case the profit earned after 1st February 1992, is not drawn on the due date then the profit shall automatically stand invested. This will be implemented from the date of accrual and the profit payable for different periods of 6 months will be changed.
Savings Account (SA) is one-off the best offering to encourage small savers to invest in a way that helps them meet their day-to-day financial needs. Savings Account gives a great facility to its investor for withdrawing the amount deposited three times a week. By this, all the banks pay profit to the customers on opening saving accounts. These rates are different for half-yearly and per annum.
Rate of Profit Applicable On Accounts Opened In Teems Of Rule-36E Of Aforesaid Rules
Finance Department made some changes in the rate of Profits applicable to Saving bank accounts. According to the rules of State Bank Pakistan here is a detail about the rate of profit applicable on accounts open in terms of 36 -E.
|Duration||Rate of profit|
|For each of the first five periods of completed six months
|8.50& per half-year
(17.00% per annum)
|For the last period of completed six months||8.90% per half-year
(17.80% per annum)
For You more: Disbursement Pay and Allowances April 2023 in Advance Punjab
Latest Rate Of Profit On Deposit Made With Effect From 10th In April 2023
|Profit drew for the period off||Profit drawn for the period of profit payable on our deposit of each ₹100 on completion of|
|6 months||1 year||1-1/2 year||2 years||1-1/2 year||3-years|
|1st 6 months||–||8.500||17.723||27.727||38.583||50.754|
|2nd 6 months||–||–||8.500||17.723||27.727||38.982|
|3rd 6 months||–||–||–||8.500||17.723||28.127|
|4th 6th months||–||–||–||–||8.500||18.123|
|5th 6th months||–||–||–||–||–||8.900|
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The Higher Education Department Punjab has also issued the Notification of Admissibility Special Allowance to University Employees in Punjab. There are also Notifications for an increase in marriage grants and death grants by the Government of Punjab. The rates of profit increase on special savings are based on 6 monthly. The accounts holders of special accounts will get a profit significantly.