Business Desk 
Nov 02, 2024
The government on Friday announced a reduction in profit rates on National Savings Schemes (NSS), effective from November 4, 2024.
The Ministry of Finance announced that profit rates for several key savings products would be slashed by up to 360 basis points (bps).
The Special Savings Certificate's rate will fall from 15.20% to 11.60% — a massive decline of 360 bps, while the Special Savings Accounts will see a reduction of 220 bps from 15.20% to 13%.
Additionally, the Sarwa Islamic Savings Account and Sarwa Islamic Term Account will now offer 11.16% instead of the previous 14.25%, after a reduction of 309 bps.
It should be noted that these cuts were largely anticipated in the financial market due to the State Bank of Pakistan’s (SBP) recent interest rate reductions. The central bank has lowered the interest rate by 450 bps to 17.5%, with another potential cut expected in the next monetary policy announcement on Monday November 4.
| National Saving Scheme | Current rate | Previous rate | Change (bps) |
| Behbood Savings Certificates | 13.92% | 14.16% | - 24 |
| Regular Income Certificates | 12.12% | 12.72% | -60 |
| Special Savings Certificates | 11.60% | 15.20% | -360 |
| Pensioners Benefit Account | 13.92% | 14.2% | -24 |
| Shuhadas Family Welfare Account | 13.92% | 14.16% | -24 |
| Special Savings Account | 13% | 15.20% | -220 |
| Sarwa Islamic Savings Account | 11.16% | 14.25% | -309 |
| Sarwa Islamic Term Account | 11.16% | 14.25% | -309 |
