ISLAMABAD (Dunya News) – The federal government announced reduction in the profit rates for National Savings schemes on Tuesday.
The new “reduced” rates will come into effect from Dec 11.
According to the Central Directorate of National Savings, the profit on savings accounts will be 13.5pc from 16pc, a reduction of 250 basis points. The rates on Regular Income Certificates and Defence Savings Certificates have also been decreased.
The profit on Regular Income Certificate has been reduced by 10 basis points – down to 12.1pc. Similarly, the profit on Short-Term Savings Certificate has also been slashed.
The directorate stated that the profit on other schemes such as the Savings Account, Sarwa Islamic Term, and Islamic Savings Account have also been revised downwards. The profit rate on Islamic Savings Accounts has been reduced by 72 basis points, now standing at 10.44pc.