National Savings introduces new saving certificates with profits up to 20.8%

MG News | May 29, 2023 at 01:45 PM GMT+05:00

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May 29, 2023 (MLN): In a major breakthrough, the National Savings has launched Sarwa Islamic Term Accounts to attract investment in Islamic certificates.

According to the details available, for one year Sarwa account rate of profit will be 20.8% while for three, and five years rate will stand at 18% and 12.84%, respectively.

Furthermore, the investors will be offered 19.5% profit rate on Sarwa Saving Accounts.

National Savings is one of the primeval institutions in the country with a legacy of more than 140 years that came into existence with the promulgation of the Government Savings Bank Act in 1873. During the World Wars I and II, the British Government used this channel to raise funds to meet war-related expenditures.

In September 1960, it was decided to rejuvenate the structure of CDNS by declaring the status of an Attached Department of the Ministry of Finance with the powers to formulate policies and execute various National Savings Schemes (NSS).

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