Qaumi Bachat Bank lowers ‘profit rate’ on certificates from November 2024

KARACHI: National Savings Centre, commonly known as Qaumi Bachat Bank, continues to offer its long-standing savings account product, which aims to provide small investors with a safe way to meet their day-to-day financial needs.

A savings account allows flexibility, allowing its investor to withdraw money up to three times a week.

The Central Directorate of National Savings has lowered the profit rate on several certificates with effect from November 2024. The cut in profit rates is attributed to declining inflation rates and positive economic indicators in the country.

Qaumai Bachat has also revised the profit rate on Behbood Savings Certificates due to decreasing inflation and positive indicators.

The savings bank has decreased the profit rate on the investment certificates by 0.24 percent, with effect from November 4, 2024. After the revision, the investors will get less profit starting from the current month.

Profit on Regular Income Certificates

The profit rate on Regular Income Certificates has been reduced to 12.10 percent from the previous 12.72%, lowering the profit to Rs1,010 per month on an investment of Rs100,000 from Qaumi Bachat Bank.

The federal government introduced the Regular Income Certificates (RICs) in 1993 for a five-year maturity duration to meet the monthly needs of the general public.

The certificates are available with domination of Rs. 50,000, Rs. 100,000, Rs. 500,000, Rs. 1,000,000, Rs. 5,000,000, and Rs. 10,000,000. Beginning on the day the certificates are issued, investors receive monthly payments of the profits from the Regular Income Certificates.