The federal government has once again lowered the profit rates for National Savings Schemes, with the change taking effect on January 31, 2024.
According to information released by the Central Directorate of National Savings (CDNS), the profit rates for several savings options including Bahbood Savings Certificates (BSC), Pensioners’ Benefit Accounts (PBA), Defence Savings Certificates, Special Savings Certificates, Short Term Savings Certificates, and Shuhada Family Welfare Accounts (SFWA) have all been reduced.
Furthermore, the return rates on both the Sarwa Islamic Term Account and the Sarwa Islamic Savings Account have also experienced a decline.
The profit rates for both Bahbood Savings Certificates (BSC) and Shuhada Family Welfare Accounts (SFWA), which were previously set at 13.68% and 13.58% respectively, have been decreased.
Meanwhile, the return on savings accounts has dropped from 11.2 percent to just 11.0 percent.
Profit rates for Special Savings Certificates (SSC) have seen a reduction from 11.2% to 11%, and the rates for the Sarwa Islamic Savings Account (SISA) and Sarwa Islamic Term Account (SITA) have fallen from 9.92% to 9.74%.
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