Government reduces profit rates on National Savings schemes
The government has announced a reduction in profit rates on national savings schemes by up to two per cent, following a recent interest rate cut by the State Bank of Pakistan.
But profit rates for Special Saving Certificates, Accounts, Serva Islamic Term Accounts, and Serva Islamic Savings Accounts would remain unchanged.
The profit rate for Regular Income Certificates has been lowered from 12% to 11.88% annually, according to a notification released by the Central Directorate of National Savings on Thursday.
Moreover, the profit rate for Behbood Savings Certificates has decreased from 13.92% to 13.68% annually and the same reduction applies to Pensioners’ Certificates.
The profit rate for Shaheed Families Welfare Accounts has also been reduced from 13.92% to 13.68% annually.
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Federal govt reduces profit rates for national savings schemes
Adjustments have been made to short-term certificates as well, with the profit for three-month certificates dropping from Rs3,190 per Rs100,000 to Rs2,810 and for six-month certificates from Rs6,370 to Rs5,660. One-year short-term certificates have seen a reduction from Rs12,380 to Rs11,380 per 100,000.
Furthermore, the profit rate for savings accounts has been cut from 13.50% to 11.50% annually while rates for Serva Islamic Term Accounts and Serva Islamic Savings Accounts remain unchanged.
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