Significant reduction in the profit rates of National Saving Schemes in Pakistan
*ISLAMABAD : **Significant reduction in the profit rates of National Saving Schemes in Pakistan.*
The federal government has reduced the rate of profit on various National Savings Schemes by up to 5.42 per cent with effect from Friday, according to a notification.
The profit rate on Defence Saving Certificate was reduced to 8.54 per cent from 10.40. Similarly, for 10-year Pensioners’ Benefit Account, Behbood Saving Certificates and Shuhadas Family Welfare Account, it has been reduced to 10.32 per cent from 12.24 per cent.
The profit rate for certificate holders of five-year Regular Income Certificates has been reduced to 8.28 per cent from 10.56 per cent while it was reduced to 8 per cent from 11 per cent for Special Saving Certificates.
The average profit rate on certificates and accounts was reduced from 11.13 per cent to 8.10% per cent.
In short-term saving certificates, the profit rate on three-month certificates has been reduced from 12.76 per cent to 7.80 per cent. on six-month certificates, the profit rate has been reduced from 12.60 per cent to 7.50 per cent.