Govt reduces profit rates on National Savings schemes, certificates

ISLAMABAD: The Central Directorate of National Savings (CDNS) on Thursday reduced the profit rates on national savings schemes by up to two percent.

This decision was taken following the State Bank of Pakistan’s recent interest rate cut by 100 basis points to 12 per cent.

According to the notification issued by CDNS, the profit rate on Regular Income Certificates has been reduced from 12% to 11.88% annually.

The notification also stated the reduction of profit rate on Behbood Savings Certificates from 13.92% to 13.68% annually and Pensioners’ Certificates from 13.92% to 13.68% annually.

The profit rate for Shaheed Families Welfare Accounts reduced from 13.92% to 13.68% annually, while the profit rate on savings accounts decreased from 13.50% to 11.50% annually.

The rates for short-term certificates have also been adjusted, with the three-month certificate profit falling from Rs3,190 per 100,000 to Rs2,810 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.

However, Profit rates on Special Saving Certificates, Accounts, Serva Islamic Term Accounts, and Serva Islamic Savings Accounts remain unchanged.