National Savings reduces profit rates by up to 254bps

News Image

MG News | September 13, 2024 at 07:01 PM GMT+05:00

0:00

September 12, 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 254 basis points (bps), according to its website.

The new profit rates are effective from September 12, 2024.

The rates were revised for the Sarwa Islamic Term Account and Special Savings Certificates on August 19, and then again on September 12.

Profit rates on SITA were reduced by 132bps in August compared to June and have now been cut again by 122bps, bringing the total decline to 254bps in just over a month.

Investment Type Current Profit Rate Previous (As of Aug 10) Change (bps)
Bahbood Savings Certificates (BSC) 15.36% 15.36% 0
Defence Savings Certificates (DSC) 14.39% 14.39% 0
Sarwa Islamic Savings Account (SISA) 18.00% 19.00% -100
Sarwa Islamic Term Account (SITA) 16.36% 18.90% -254
Pensioner Benefit Account (PBA) 15.36% 15.36% 0
Regular Income Certificates (RIC) 14.52% 14.64% -12
Savings Account (SA) 19.00% 19.00% 0
Shuhada Family Welfare Account (SFWA) 15.36% 15.36% 0
Special Savings Account & Certificates (SSA-SSC)  15.20% 15.60% -40
Short Term Savings Certificates (STSC) 17.22% 17.90% -68

Rates per annum

The profit rates were reduced for Sarwa Islamic Term Account (SITA), Sarwa Islamic Savings Account (SISA), and Short Term Savings Certificates (STSC) by 254bps, 100bps, and 68bps, respectively.

Additionally, the rates for Regular Income Certificates (RIC), Special Savings Account (SSA), and Special Savings Certificates (SSC) were lowered by 12bps, 40bps, and 40bps, respectively.

Meanwhile, the profit rates on Bahbood Savings Certificates (BSC), Defence Savings Certificates (DSC), Pensioner Benefit Account (PBA), Savings Account (SA), Shuhada Family Welfare Account (SFWA) remained unchanged at 15.36%, 14.39%, 15.36%, 19.00%, 15.36%, respectively.

The State Bank of Pakistan reduced its key policy rate yesterday by 200bps, taking it to 17.5%.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 165,686.38
893.80M
0.13%
210.36
ALLSHR 100,785.80
1,526.08M
0.46%
459.02
KSE30 50,923.16
299.51M
-0.22%
-111.60
KMI30 241,650.72
154.62M
-0.57%
-1387.78
KMIALLSHR 66,592.55
833.69M
0.23%
155.08
BKTi 47,014.51
175.18M
0.84%
391.18
OGTi 32,380.15
31.25M
-0.28%
-91.97
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,415.00 114,040.00
110,410.00
-1670.00
-1.48%
BRENT CRUDE 62.45 63.04
61.79
0.06
0.10%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
0.00
0.00%
ROTTERDAM COAL MONTHLY 91.50 91.50
89.30
2.45
2.75%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 58.75 59.42
58.20
0.05
0.09%
SUGAR #11 WORLD 15.67 15.91
15.53
-0.21
-1.32%

Chart of the Day


Latest News
October 15, 2025 at 05:02 PM GMT+05:00

Pakistan, UAE reaffirm commitment to strengthening trade


October 15, 2025 at 04:57 PM GMT+05:00

Pakistan, Egypt deepen maritime ties to boost trade


October 15, 2025 at 04:24 PM GMT+05:00

Bestway Cement profit surges 35% to Rs5.5bn in 1QFY25


October 15, 2025 at 04:20 PM GMT+05:00

CCP cracks down on mercury-contaminated whitening creams



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg