National Savings reduces profit rates by up to 254bps

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

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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%.

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