The federal government has reduced the profit rates on various National Savings Schemes by up to 200 basis points, effective January 31, 2024.
According to data from the Central Directorate of National Savings (CDNS), the rates have been lowered for several savings products, including Bahbood Savings Certificates (BSC), Pensioner Benefit Accounts (PBA), Regular Income Certificates (RIC), and Shuhada Family Welfare Accounts (SFWA).
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Specifically, the profit rates for Bahbood Savings Certificates and Pensioners’ Certificates have been decreased from 13.92% to 13.68%, while the rate for Regular Income Certificates has dropped from 12% to 11.88%. Similarly, the rate for Shuhada Family Welfare Accounts has been reduced from 13.92% to 13.68%.
Additionally, the rate of return on savings accounts has been lowered from 13.5% to 11.5%.
However, the government has kept the profit rates unchanged for Special Savings Certificates (SSC), Sarwa Islamic Savings Accounts (SISA), and Sarwa Islamic Term Accounts (SITA).
