ISLAMABAD: The federal government has announced a reduction in profit rates for several National Savings Schemes. The new rates will come into effect from July 28, as confirmed by a notification from the Ministry of Finance.
The revised profit rates affect a range of saving instruments. These include Special Savings Certificates and Accounts, Defence Savings Certificates, Regular Income Certificates, Bahbood Savings Certificates, Pensioners’ Benefit Accounts, and Shuhada Family Welfare Accounts.
According to the official notification, the annual return on Special Savings Certificates has been brought down from 10.6% to 10.4%. Similarly, the profit rate for Bahbood Savings, Pensioners, and Shuhada Family Accounts has been reduced from 13.20% to 12.96%.
Defence Savings Certificates have also seen a cut. The total return over a period of nine years has been lowered from 162% to 161%. For the tenth year, the profit has been adjusted from 204% to 200%.
Short-Term Savings Certificates have experienced a drop in profit rates as well. However, the profit rate for regular Savings Accounts remains unchanged at 9.50%.
Moreover, there is some relief for Islamic investors. The government has increased the profit rates for Sarwa Islamic Term Accounts and Islamic Savings Accounts, giving a small boost in an otherwise downward revision.
These adjustments reflect the government’s effort to manage financial returns in line with current economic conditions.