Profit rates reduced for National Savings Schemes

WEB DESK: In a recent development, the caretaker government has taken measures to adjust the interest rates on various National Savings Schemes.

According to a notification released by the Department of National Savings, significant changes have been made to the interest rates across different schemes.

For the first six months, the interest rate on special savings certificates has been revised downward to 15.6 per cent. The second-half interest on savings certificates has also seen a reduction, now standing at 16.6 per cent.

Additionally, the annual interest on defence savings certificates has been brought down to 12 per cent, reflecting a strategic adjustment in financial policies.

The notification further outlines adjustments in the annual rate of return on regular scheme certificates, which has decreased from 15 per cent to 14.6 per cent.

Similarly, the annual rate of return on welfare savings and pensioners’ benefit accounts has been fixed at 15.36 per cent, aligning with the government’s efforts to streamline financial regulations.

The Shuhada Family Welfare Account also sees a corresponding adjustment, with its return now set at 15.36 per cent.

The Department of National Savings has not only addressed long-term schemes but has also made changes to short-term options. The rate of interest on the Short-Term Savings Certificate and Sarva Islamic Term Account has undergone a reduction.

However, the current rate of interest on savings accounts remains unchanged at 20.50 per cent, providing stability in this aspect of the financial landscape.

This move by the caretaker government aims to balance financial considerations and economic dynamics.

The adjustments in interest rates reflect a strategic approach to foster economic stability and ensure the sustainability of national savings schemes in the current economic landscape.

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