Business Desk
Aug 13, 2024
With immediate effect, the government has slashed profit rates for various National Savings Schemes in line with the with current economic strategies and market conditions.
The Central Directorate of National Savings (CDNS) has cut rates for Saving Account (SA) and Sarwa Islamic Savings Account (SISA) by 150 basis points (bps) to 19% from 20.5%.
Short Term Saving Certificates (STSC) now offer a return of 17.9%, down by 134bps. Meanwhile, profit rates on all other National Saving Schemes were kept unchanged.
It should be noted that the current downward revision comes days after the Monetary Policy Committee of the State Bank of Pakistan (SBP) cut the key policy rate by 100bps to 19.5% in the meeting held on July 29, 2024.
