Profit rates on National Saving Schemes slashed heavily
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The government has announced a hefty cut in the profit rates on National Savings Schemes, reported 24NewsHD TV channel.
According to the announcement made on Friday, the profit rate on Special Savings Certificates has been reduced by 40 basis points to 16%, Regular Income Certificates profit rate decreased by 12 basis points to 15%.
Defence Certificates profit rate was slashed by by 19 basis points to 14.22 percent.
Pension, Welfare and Martyr Savings Certificates profit rate remained unchanged at 16.08%.
Profit rate on savings account remained unchanged at 20.50%.
The new profit rates will be effective from 26th January 2024 Interest rate on Hogasaving account remains at 20.50%
The new rate will be applicable on National Savings Schemes from 26 January 2024.
Reporter Ashraf Khan