National Savings: Finance Ministry lowers interest rates

ISLAMABAD: The Ministry of Finance announced a reduction in interest rates for various national savings schemes, effective Wednesday (today).

A notification released by the Finance Ministry indicates that the rates of return on several saving products, including the savings account, special savings account and defense saving schemes, will see a decrease.

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Similarly, the returns on regular income certificates, and welfare savings certificates will also be lowered.

The interest rate for the Pensioner’s Benefit Account and the Shahada Family Welfare account has been reduced from 15.36 per cent to 14.16 per cent.

The annual profit for the welfare savings certificates was adjusted to 14.16 per cent, while the rate for the regular income certificate dropped from 14.52 per cent to 12.72 per cent.

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The adjustments reflect the government’s ongoing efforts to manage the national economy and respond to changing financial conditions.

Pakistan has been suffering from a double-digit inflation that has skyrocketed prices of basic items and made the life of ordinary Pakistanis miserable.

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The new interest rates will apply to all relevant accounts and certificates from the today.