Govt raises profit rate on national savings schemes

The federal government has raised the profit rate on national savings schemes which will be taken into effect on April 10, ARY News reported on Friday.

After the revision, the federal government raised the profit rate on Shuhada Family Welfare by 16.56%, Saving Accounts by 18.50%, Pensioners Accounts by 16.56%, as well as for the Short-term Saving Certificates.

The beneficiaries of Regular Income Certificates will get 107,000 profit against Rs1,000,000, whereas, the profit rate of Defence Saving Certificates was also hiked.

In August last year, the National Savings announced a hike in profit on regular income certificates and saving accounts.

According to a handout issued, the interest rate has been hiked to 12.6 percent on regular income certificates while profit on saving accounts have also been hiked by 1.25 percent to 13.6 percent.

The profit on Pension Benefit and Behbud Saving and Special Certificates in National Savings will remain unchanged at 14.16 percent and 13 percent.