National Savings profit rates slashed by up to 150bps

By MG News | August 10, 2024 at 04:08 PM GMT+05:00

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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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