Govt reduces profit rates on National Savings schemes

The government has reduced the rate of profit on various National Savings Schemes by up to 5.42pc with immediate effect, according to a notification issued on Friday.

The profit rate on Defence Saving Certificate was reduced to 8.54 per cent from 10.40. Similarly, for 10-year Pensioners’ Benefit Account, Behbood Saving Certificates and Shuhadas Family Welfare Account, it has been reduced to 10.32pc from 12.24pc.

The profit rate for certificate holders of five-year Regular Income Certificates has been reduced to 8.28pc from 10.56pc, while it was reduced to 8pc from 11pc for Special Saving Certificates.

The average profit rate on certificates and accounts was reduced from 11.13pc to 8.10pc per cent.

In short-term saving certificates, the profit rate on three-month certificates has been reduced from 12.76pc to 7.80pc. On six-month certificates, the profit rate has been reduced from 12.60pc to 7.50pc.

The profit rate for 12-month certificates has been reduced from 12.37pc 6.95pc.