The federal government has announced a reduction in profit rates for various national savings schemes, according to a fresh notification issued by the Ministry of Finance.
The revised rates will take effect from July 28, and are expected to impact millions of small savers across the country.
As per the notification, Special Savings Certificates, Defense Savings Certificates, Regular Income Certificates, and Behbud Savings Certificates will now offer lower returns than before. The profit rates for Pensioners’ Benefit Accounts, Martyrs’ Family Welfare Accounts, and Short-Term Savings Certificates have also been slashed.
The annual interest rate on Special Savings Certificates and Accounts has been cut from 10.6% to 10.4%, while the rate for Behbud, Pensioners, and Martyrs' Families accounts has been reduced from 13.20% to 12.96%.
For Defense Savings Certificates, the nine-year cumulative return has been revised down from 162% to 161%, and the 10-year return has been decreased from 204% to 200%.
Meanwhile, the current profit rate of 9.50% on regular Savings Accounts will remain unchanged.
The Ministry of Finance has also increased the profit rates on all Sarwa Islamic Term Accounts and Islamic Savings Accounts.
