National Savings cuts profit rates by up to 160 bps on various schemes

Most affected schemes are the Special Savings Accounts and Certificates, which have seen a fall of 160 bps to 16.40% per annum 

The National Savings has announced a revision in the profit rates on various savings schemes, effective from December 19, 2023. The rates have been slashed by up to 160 basis points (bps) or 1.6%, following the downward trend in the market interest rates.

The most affected schemes are the Special Savings Accounts and Certificates, which have seen a fall of 160bps to 16.40% per annum. The profit rates on short-term savings certificates for 3 months, 6 months, and 1 year have also experienced reductions of 1.02%, 96bps, and 1%, respectively.

The rate of profit on deposits made in Pensioners’ Benefit Accounts and in Shuhada’s Family welfare Account has been revised to 16.08% per annum, marking a decline of 24bps. The regular income certificate and Behbood savings certificate have also seen lower rates of 15.12% and 16.08% per annum, respectively.

However, the profit rates for savings accounts and Defense savings certificates have remained unchanged at 20.5% and 14.48% per annum. 

The rates on the Sarwa Islamic Term Account (SITA) have also been revised, with a slight decrease for the three-year and five-year accounts, and a slight increase for the one-year account. The profit rates on three-year SITA have been revised downward to 18% per annum, down by 23 bps.

On a five-year SITA account, the rate has inched down by 6bps to 15.66% per annum compared to the revised rates for October 30.

 

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