Pakistan reduces profit rates on National Savings certificates

The Pakistan government has reduced profit rates for various national savings schemes by two per cent, ARY News reported on Friday.

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

According to a notification issued by the finance ministry, the profit rate on Regular Income Certificates has been reduced to 11.88 per cent from 12 per cent 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.

However, the rate of return on Defense Saving Certificates has been reduced to 14.22 per cent from 14.41 per cent.

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The returns on Behbood Savings Certificates were reduced to 13.68 per cent from 13.92%. 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.

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