The Ministry of Finance on Wednesday reduced the profit rates of various national savings schemes. The ministry has also issued a notification regarding the reduction in these rates.
National Savings: Profit rates
According to the notification issued by the Ministry of Finance, the profit rates for Savings, Special Savings Accounts, and Defence Savings Schemes have been decreased, while the profits on Regular Income Certificates and Bahbood Savings Certificates have also been lowered.
National Savings Schemes and new reductions:
As per the notification, the annual profit for Pensioners Benefit Accounts and Shuhada Family Welfare Accounts has also been reduced.
The notification said that the profit rate for Pensioners Benefit and Shuhada Family Welfare Accounts was reduced from 15.36% to 14.16%, while the annual profit on Bahbood Savings Certificates was decreased to 14.16%.
The profit rate for Regular Income Certificates was reduced from 14.52% to 12.72%.
According to the notification issued by the Federal Ministry of Finance, the new profit rates would be effective from September 25, 2024.
