Govt reduces returns on national savings schemes

The government has announced a reduction in the rate of return on various National Savings Schemes. According to the latest update, the profit rate on the Sarwa Islamic Term Account has been reduced by 1.22 percent, bringing it down to 16.36%.

Additionally, the rate on the Sarwa Islamic Savings Account has been cut by 1 percent, now offering an 18 percent return. Short-term savings certificates have also been affected, with a reduction of 0.68 percent, lowering the rate to 17.2 percent.

The Special Savings Certificates and Special Savings Accounts saw a slight decline of 0.3 percent, with the new rate at 15.5 percent. The Regular Income Certificate has also experienced a drop in the rate of return, decreasing by 12 basis points, now standing at 14.52 percent.