Govt revises profit rates on National Savings certificates

The National Savings has announced a revision in the profit rates on various savings schemes, effective from December 19, 2023. The rates have been slashed by up to 160 basis points (bps) or 1.6%, following the downward trend in the market interest rates.

The most affected schemes are the Special Savings Accounts and Certificates, which have seen a fall of 160bps to 16.40% per annum. The profit rates on short-term savings certificates for 3 months, 6 months, and 1 year have also experienced reductions of 1.02%, 96bps, and 1%, respectively.

The returns on Behbood Savings, Pension Benefit Account and Shuhada Family Welfare Account have been reduced to 16.08 per cent.

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However, the rate of return on Defense Saving Certificates and Saving Accounts will remain unchanged.

In September, the federal government raised the profit rate on national savings’ Sarwa Islamic certificates with effect from September 5, 2023.