Government cuts saving schemes profit margin
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The government on Tuesday reduced the profit margin on different national saving schemes including Shuhada (martyrs) Family Welfare Accounts and Pensioners Benefit Accounts.
According to 24NewsHD, the profit rate on Martyrs Family and Pension Schemes has been brought to 11.04 percent. The Finance Ministry issued a notice saying that the new rates will be applicable from May 19, 2021.
On a regular income certificate of one million rupees, the monthly profit has been reduced by Rs600 and now they would get only Rs7,200 per month.
Annual profit was reduced by Rs500 on a short-term savings certificate of half a million rupees so now the certificate holders could get a monthly profit of Rs36,500 only.
Profit on Special Savings Accounts was reduced from 9.20 percent to 9 percent but the annual profit rate on Defense Savings Certificates would be maintained.
Reporter: Ashraf Khan