November 01, 2023 (MLN): The National Savings has announced a revision in the savings account profit rate, increasing it by 1% to a new rate of 20.5% per annum.
According to the notification released by the Finance Division, this change in the rate of profit pertains to accounts where withdrawals are made through methods other than cheques.
The new profit rates are effective from October 30, 2023.
Moreover, the rate of profit payable on the deposits made in Special Savings Accounts, which are applicable on accounts opened in terms of rule 36E has seen a fall of 20bps to 18% per annum.
Accordingly, with effect from October 30, 2023, the new rates are as follows:
Period
Profit Rate
For each of the first five periods of completed six months
9 00% per half-year
18.00% per annum
For the last period of completed six months
9 50% per half-year
19.00% per annum
The National Savings has also revised the rate of profit on deposits made in Pensioners' Benefit Accounts and in Shuhada's Family welfare Account, which now stands at 16.32% per annum, marking a decline of 24bps.
Similarly, the Sarwa Islamic Term Account (SITA) rates have also been revised.
According to the details available, for a three-year SITA account, the expected rate per annum has been revised down from 18.33% to 18.23% depicting a fall of 10bps.
On the other hand, the profit rates on five-year SITA have been revised upwards by 60bps to 15.72% per annum, presenting attractive investment opportunities through Islamic certificates
To note, profit is payable on maturity in case of one-year SITA, half-yearly in case of three-year SITA, and monthly in case of five-year SITA.
Moreover, the expected rate of profit payable on the deposits made in the Sarwa Islamic Savings Account (SISA) will be 20.50%.
