ISLAMABAD, Jan 25 : The government has reduced service charges on Regular Income Certificates, Bahbood Savings Certificates and Pensioners’ Benefit Accounts. A press release issued by the Central Directorate of National Savings here on Wednesday said the reduction in service charges would apply with immediate effect. It said service charges on Regular Income Certificates had been reduced from three per cent, one per cent and 0.5 per cent to two per cent, 1.5 per cent and 0.5 per cent.

Service charges on the Bahbood Savings Certificates had been halved from two per cent, 1.5 per cent, one per cent and 0.5 per cent to one per cent, 0.75 per cent, 0.50 per cent and 0.25 per cent of the face value of the certificate, if encashed before completion of one year, two years, three years and four years from the date of issue, respectively.

Service charges on Pensioners’ Benefit Account have also been reduced from two per cent, 1.5 per cent, one per cent and 0.5 per cent to 0.75 per cent, 0.50 per cent and 0.25 per cent on the principal amount if withdrawn before completion of one year, two years, three years and four years from the date of deposit, respectively.

The Central Directorate of National Savings said the government was committed to providing social safety net to pensioners, widows and senior citizens which it termed deserving segments of society.

It said facilities at National Savings Centres were being automated to improve the centres’ efficiency besides making senior citizens and other clients feel more comfortable.

The automation, the press release said, would enable the National Savings Organization to provide maximum possible facilities, currently available to clients of commercial banks.