National Savings profit rates slashed by up to 150bps
By MG News | August 10, 2024 at 04:08 PM GMT+05:00
August 07, 2024 (MLN): The Central Directorate of National Savings (CDNS) has slashed the profit rates on majority of its National Savings Schemes, with the decline going as much as 150 basis points (bps), according to its website.
The latest revision was made on August 07, 2024, for some of the savings schemes. The following table shows changes from May 14, 2024.
| Investment Type | Effective From | Current Profit Rate | Previous Profit Rate | Change (bps) |
|---|---|---|---|---|
| Bahbood Savings Certificates (BSC) | 14-May-2024 | 15.36% | 15.36% | 0 |
| Defence Savings Certificates (DSC) | 14-May-2024 | 13.57% | 13.57% | 0 |
| Sarwa Islamic Savings Account (SISA) | 07-Aug-2024 | 19.00% | 20.50% | -150 |
| Sarwa Islamic Term Account (SITA) | 24-June-2024 | 18.90% | 19.10% | -20 |
| Pensioner Benefit Account (PBA) | 14-May-2024 | 15.36% | 15.36% | 0 |
| Regular Income Certificates (RIC) | 14-May-2024 | 14.64% | 14.64% | 0 |
| Savings Account (SA) | 07-Aug-2024 | 19.00% | 20.50% | -150 |
| Shuhada Family Welfare Account (SFWA) | 14-May-2024 | 15.36% | 15.36% | 0 |
| Special Savings Account (SSA) | 24-June-2024 | 15.60% | 15.70% | -10 |
| Special Savings Certificates (SSC) | 24-June-2024 | 15.60% | 15.70% | -10 |
| Short Term Savings Certificates (STSC) | 07-Aug-2024 | 17.90% | 19.24% | -134 |
Rates per annum
The profit rates for Sarwa Islamic Savings Account (SISA), Sarwa Islamic Term Account (SITA), Savings Account (SA), Special Savings Account (SSA), Special Savings Certificates (SSC), and Short Term Savings Certificates (STSC) were reduced by 150bps, 20bps, 150bps, 10bps, 10bps, and 134bps, respectively.
Meanwhile, the profit rates on Bahbood Savings Certificates (BSC), Defence Savings Certificates (DSC), Pensioner Benefit Account (PBA), Regular Income Certificates (RIC), and Shuhada Family Welfare Account (SFWA), have remained unchanged at 15.36%, 13.57%, 15.36%, 14.64%, and 15.36%, respectively.
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