National Savings schemes profit rates revised downward

By Our Correspondent
August 13, 2024
Stack of Rs5,000 and Rs1,000 notes. — AFP/File
Stack of Rs5,000 and Rs1,000 notes. — AFP/File

KARACHI: The Central Directorate of National Savings (CDNS) has announced a reduction in profit rates for several of its popular schemes.

The most significant cuts were seen in the Savings Account (SA) and Sarwa Islamic Savings Account (SISA), both of which saw a decrease of 150 basis points, bringing their new rates to 19 per cent.

Short Term Savings Certificates (STSC) also took a hit, with a 134 basis point reduction to 17.9 per cent.Profit rates for all other National Savings Schemes remain unchanged. These adjustments are in line with current economic strategies and market conditions. These changes in profit rates are effective immediately.