Government Lowers Profit Rates on National Savings Schemes Again
2 min read
The federal government has once again lowered the profit rates on National Savings Schemes, effective January 31, 2024.
Data shared by the Central Directorate of National Savings (CDNS) indicates that the profit rates on Bahbood Savings Certificates (BSC), Pensioners’ Benefit Accounts (PBA), Defence Savings Certificates, Special Savings Certificates, Short Term Savings Certificates, and Shuhada Family Welfare Accounts (SFWA) have been decreased.
Furthermore, the return rates on the Sarwa Islamic Term Account and the Sarwa Islamic Savings Account have been lowered.
There has been a fall in the profit rates for Bahbood Savings Certificates (BSC), Pensioners’ Benefit Account, and Shuhada Family Welfare Accounts (SFWA). The former was at 13.68% and the latter at 13.58%.
A return on savings accounts of 11.2 percent is now only being offered at 11.0 percent.
The profit rates for Special Savings Certificates (SSC) have been reduced from 11.2% to 11%, while the Sarwa Islamic Savings Account (SISA) and Sarwa Islamic Term Account (SITA) rates have dropped from 9.92% to 9.74%.
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