The government cuts profit rates on National Savings Schemes.
The federal government has reduced profit rates on several National Savings Schemes with effect from July 28 (today).
The annual profit on Special Savings Certificates has been reduced from 10.6 percent to 10.4 percent.
The rate for Bahbood Savings Certificates, Pensioners’ Benefit Accounts, and Shuhada Family Welfare Accounts has been lowered from 13.20 percent to 12.96 percent.
For Defence Savings Certificates, the cumulative return over nine years has been cut from 162 percent to 161 percent, while the 10-year return has been revised from 204 percent to 200 percent.
The return on Short-Term Savings Certificates has also decreased.
The profit rate on regular savings accounts remains unchanged at 9.50 percent.
The government has increased profit rates on Sarwa Islamic Term Accounts and Islamic Savings Accounts.
A National Savings Scheme (NSS) is a government-backed savings and investment program designed to encourage citizens to save money and provide a safe avenue for investment.
It also serves as a means for the government to raise funds for public spending.
These schemes offer various investment options with different features, including fixed-income certificates and prize bonds.
