Profit rates on savings schemes slashed
KARACHI: The government on Thursday announced a reduction in profit rates for national savings schemes, ARY News reported.
According to a notification issued by the finance ministry, the new rates will come into effect from the 7th of May. The profit rate on Regular Income Certificates has been reduced to 9.24 percent from 9.36 percent. Likewise, the return on Special Savings Certificates has been scaled down to 8.75 per cent from 8.87 percent.
Similarly, the profit rate on the six-month short-term certificate has been reduced to 7.20 per cent from 7.30 per cent.
However, the rate of return on Behbood Savings Certificates, Shuhada Family Welfare Account, Pensioners’ Benefit Account and Defence Saving Certificates will remain unchanged.
Earlier on March 25, the Ministry of Finance had notified an increase in profit rates on various National Savings Schemes.
According to the notification, the new profit rates would be applicable from March 25. The profit rate on Pensioners Benefit Account had been increased to 11.52 per cent from 11.28pc whereas Shuhada Welfare Account would fetch 11.52pc returns instead of 11.28pc.
The profit rate on Special Savings Certificates would be 8.80pc instead of 8.40pc.