Govt revises profit rates on National Savings schemes, pensioners' certificates
The government has reduced the profit rates on national savings schemes by up to two percent following the State Bank's recent interest rate cut. However, profit rates on Special Saving Certificates, Accounts, Serva Islamic Term Accounts, and Serva Islamic Savings Accounts remain unchanged.
According to a notification issued by the Central Directorate of National Savings (CDNS) on Thursday, the profit rate on Regular Income Certificates has been reduced from 12% to 11.88% annually.
The notification also stated that the profit rate on Behbood Savings Certificates has been decreased from 13.92% to 13.68% annually. Similarly, the profit rate on Pensioners' Certificates has been cut from 13.92% to 13.68% annually.
In addition, the profit rate for Shaheed Families Welfare Accounts has been reduced from 13.92% to 13.68% annually. The rates for short-term certificates have also been adjusted, with the three-month certificate profit falling from 3,190 PKR per 100,000 to 2,810 PKR per 100,000.
For six-month short-term certificates, the profit rate has been reduced from 6,370 PKR per 100,000 to 5,660 PKR, while the one-year short-term certificates have seen a reduction from 12,380 PKR to 11,380 PKR per 100,000.
The notification further revealed that the profit rate on savings accounts has been decreased from 13.50% to 11.50% annually. However, the rates for Serva Islamic Term Accounts and Serva Islamic Savings Accounts remain unchanged.
This decision reflects the ongoing adjustments in financial policies following the central bank's monetary policy review.
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