Government Lowers Profit Rates on National Savings Schemes
The federal government has reduced profit rates on various National Savings Schemes. The profit rates on different schemes have been decreased by different percentages, affecting investors' returns.
The federal government has reduced the profit rates on National Savings Schemes. The profit rate on Defence Saving Certificates decreased by 15 basis points to 11.76%. Special Saving Certificates saw a significant reduction of 30bps to 10.60%. Islamic Saving Account rate is now 9.75%. Shuhada Family Welfare Account and Regular Income Certificates also experienced profit rate cuts.
Earlier in May, CDNS had cut rates on various schemes, with Savings Account rate dropping to 9.5%. Defence Saving Certificates returns fell to 11.91%. Bahbood Savings Certificates declined to 13.44%. Pensioners Benefit Account and Shuhda Family Welfare Account rates were also lowered. Regular Income Certificates returns decreased to 11.52%.
Source: The Express Tribune.
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