Business

Important Update on Profit Rates for Savings Schemes 

On Friday, the government stated that from November 4th, 2024, profit rates on National Savings Schemes (NSS) will be reduced.

The government has announced a 360 basis point (bps) reduction in profit rates for a number of important savings products.

New Profit Rates for November

Here are the new profit rates that will effect from November 4th, 2024.

Investment Type Current Profit Rate Previous Profit Rate Change (bps)
Bahbood Savings Certificates (BSC) 13.92% 14.16% -24
Sarwa Islamic Savings Account (SISA) 11.16% 14.25% -309
Sarwa Islamic Term Account (SITA) 11.16% 14.25% -309
Pensioner Benefit Account (PBA) 13.92% 14.16% -24
Regular Income Certificates (RIC) 12.12% 12.72% -60
Savings Account (SA) 16.00% 16.00% 0
Shuhada Family Welfare Account (SFWA) 13.92% 14.16% -24
Special Savings Account & Certificates (SSA-SSC)  11.60% 12.10% -50

There will be a 360 basis point drop in the rate for the Special Savings Certificate, from 15.20% to 11.60%, and a 220 basis point drop for the Special Savings Account, from 15.20% to 13%.

Furthermore, following a drop of 309 basis points, the Sarwa Islamic Savings Account and Sarwa Islamic Term Account will now provide 11.16% rather than 14.25%.

It is important to note that the financial market mostly expected these cuts because the State Bank of Pakistan (SBP) recently lowered interest rates. The interest rate has been dropped by 450 basis points to 17.5% by the central bank, and another cut could be announced on Monday, November 4, during the next monetary policy meeting.

Sponsored
Huma Ishfaq

Share
Published by
Huma Ishfaq

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

2 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

3 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

4 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

4 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

5 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

7 hours ago