Business

Govt cuts profit rates on National savings schemes

Published by

Staff Reporter

2 years ago

The profit rates on the following products have been lowered: Shuhada Family Welfare Account (SFWA), Bahbood Savings Certificates (BSC), Defence Savings Certificates (DSC), Pensioner Benefit Account (PBA), Regular Income Certificates (RIC), and Special Savings Certificates (SSC).

In the meantime, there has been no change in the profit rates on the Sarwa Islamic Savings Account (SISA) or the Savings Account (SA).

In contrast to SSC, which saw a 10 bps drop in rate of return to 15.7%, RIC saw a 12 bps decline in rate of return to 14.64 percent.

The rate of return on STSC has been revised upward by 24 basis points to 19.24 percent, while the profit rates on BSC, PBA, and SFWA have decreased to 15.36 percent each.

Defense Savings Certificates (DSC) now have a 14.39 percent rate of return, a one basis point decrease.

Scheme	Latest Rate	Previous Rate	Change (bps)
BSC	15.36%	15.60%	-24
DSC	14.39%	14.40%	-1
SISA	20.50%	20.50%	0
SITA 1-Year	19.10%	18.54%	+56
PBA	15.36%	15.60%	-24
RIC	14.64%	14.76%	-12
SAR	20.50%	20.50%	0
SFWA	15.36%	15.60%	-24
SSC	15.70%	15.80%	-10
STSC	19.24%	19.00%	+24

The rates of return on the Sarwa Islamic Savings Account (SISA) and Saving Account Rate (SAR), which are currently 20.5 percent each, have not changed.

In the meantime, the Sarwa Islamic Term Account (SITA) now offers a 19.1% rate of return, up 56 basis points.

Staff Reporter