Govt reduces profit rates on National Savings Schemes

The government has reduced profit rates of various national savings schemes by up to 2%.  The Finance Ministry has issued a notification regarding the reduction, which says the change will be effective from November 4. The change will impact numerous savings schemes across Pakistan, adjusting returns on investments in certificates and accounts under the national savings framework.

According to the notification, the new rates will affect the Special Savings Certificate and account, Defense Savings Certificate, and Regular Income Certificate. Returns on the Behbood Savings Certificate and Pensioners’ Benefit Account, which provide support to senior citizens and pensioners, have also been reduced.

Family members of martyrs, who benefit from the Shuhada Family Welfare Accounts, will also see a decrease in returns, along with short-term savings certificate holders.

Islamic term account and Islamic savings account holders will also get less profit than before. However, the ministry has clarified that the interest rate on savings accounts will remain unchanged.