Profit rates on national saving schemes reduced

KARACHI: The profit rates on several national saving schemes have been lowered by two per cent after the recent interest rate cut by the State Bank of Pakistan.

According to a notification from the Central Directorate of National Savings, the profit rate for Regular Income Certificates has been reduced from 12 per cent to 11.88 per cent annually.

Similarly, Behbood Savings Certificates and Pensioners’ Certificates have seen a decline from 13.92 per cent to 13.68 per cent annually. The same reduction applies to Shaheed Families Welfare Accounts.

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Short-term certificates have also been adjusted. The profit on three-month certificates has dropped from Rs3,190 to Rs2,810 per Rs100,000, while six-month certificates have been reduced from Rs6,370 to Rs5,660. One-year short-term certificates now offer Rs11,380 instead of Rs12,380 per Rs100,000.

However, profit rates for Special Saving Certificates, Accounts, Serva Islamic Term Accounts, and Serva Islamic Savings Accounts remain unchanged.