Govt Reduces Profit Rates on National Savings Schemes

The federal government has revised the rates of profit on National Savings Schemes down by up to 200 basis points with effect from January 31, 2024.

According to data shared by Central Directorate of National Savings (CDNS), the profit rates have been decreased on Bahbood Savings Certificates (BSC), Pensioner Benefit Account (PBA), Regular Income Certificates (RIC), and Shuhada Family Welfare Accounts (SFWA).

The profit rates have been decreased on both Bahbood Savings Certificates (BSC) and Pensioners’ Certificates from 13.92 percent to 13.68 percent, from 12 percent to 11.88 percent for Regular Income Certificates (RIC), and from 13.92 percent to 13.68 percent for Shuhada Family Welfare Accounts (SFWA).

The rate of return on savings accounts as dropped from 13.5 percent to 11.5 percent.

The rates have been kept unchanged on Special Savings Certificates (SSC), Sarwa Islamic Savings Account (SISA), and on Sarwa Islamic Term Account (SITA).