Govt Reduces Profit Rates on National Savings Schemes

The federal government has revised downwards the rates of profit on National Savings Schemes 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), Pensioners’ Benefit Account (PBA), Defence Savings Certificates, Special Savings Certificates, Short Term Savings Certificates, and Shuhada Family Welfare Accounts (SFWA). The rates of return on Sarwa Islamic Saving Account and Sarwa Islamic Term Account have also been decreased. The profit rates have been decreased on Bahbood Savings Certificates (BSC) from 13.68 percent to 13.58 percent, from 13.68 percent to 13.58 percent for Pensioners’ Benefit Account, and from 13.68 percent to 13.58 percent for Shuhada Family Welfare Accounts (SFWA). The rate of return on savings accounts has dropped from 11.2 percent to 11.00 percent. The rates have been decreased from 11.2 percent to 11 percent for Special Savings Certificates (SSC), from 9.9 percent to 9.74 percent for both Sarwa Islamic Savings Account (SISA) and the Sarwa Islamic Term Account (SITA).