In a recent update, the National Savings or Qaumi Bachat Bank has adjusted the profit rates for Behbood Savings Certificates, impacting individuals who rely on this scheme for financial support. The government, for the third time in the past few months, has revised the profit rates, and the new rate of 15.36% will be effective from February 21, 2024.
Initiated in 2003 to address the financial challenges faced by widows and senior citizens, Behbood Savings Certificates offer a monthly profit at a reasonable rate. In 2004, the scheme extended to include disabled individuals and special minors with disabilities through their guardians.
The certificates are available in denominations ranging from Rs5,000 to Rs1,000,000, providing a flexible investment opportunity for eligible citizens. Profit distributed on a monthly basis, starting from the date of purchase.
Who Can Purchase Certificates?
Behbood Savings Certificates can be purchased by the following citizens of Pakistan:
(a) Senior citizens aged sixty years or above
(b) Single widows, as long as they do not remarry
(c) Two eligible persons in joint names (as in clause (a) and (b))
(d) Disabled individuals holding NIC with Disability logo, and special minors through a guardian.
Investment Limit
The minimum investment limit set at Rs5,000, while a single person can make a maximum investment of Rs7.5 million. For joint investors, the limit increased to Rs15 million.
Revised Profit Rate for February 2024
The recent adjustment by the government sees the profit rate on Behbood Savings Certificates reduced to 15.36%, equivalent to Rs1,280 on each Rs100,000 invested, effective from February 21, 2024. This comes after a previous rate of 16.08%, or Rs1340 per Rs100,000, which was applicable until February 20, 2024.
These changes are vital for those considering or already invest in Behbood Savings Certificates, and it recommended to stay informed about such updates for effective financial planning.
