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National Savings cuts profit rates on its certificates

SAMAA | - Posted: Jan 2, 2020 | Last Updated: 3 weeks ago
SAMAA |
Posted: Jan 2, 2020 | Last Updated: 3 weeks ago
National Savings cuts profit rates on its certificates

The National Savings has slashed profit rates on its certificates by up to 36 basis points, it said Thursday.

Profit rates on Defense and Bahbood saving certificates were slashed by 28 and 24 basis points each.

Investment in National Savings schemes would bear less profit after the revision of rates.

People will now get 10.4% returns on the Defense Saving Certificates, compared to previous profit rate of 10.68%. It means an investment of Rs100,000 will earn you Rs867 a month.

The highest cut of 36 bps was recorded in the case of Regular Income Certificates which would now offer 10.56% interest from 10.92%.

Profit rate for Special Saving Certificates remained unchanged at 11%.

Savings Accounts, which previously had the lowest 8.2% profit rate, recorded a slight increase. It would now offer 8.6% returns.

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