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.
Sad news for those who invest in these, people should invest in businesses, not savings certificates or real estate.
bsc rate currrently