Profit rates on savings schemes slashed

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KARACHI: The government announced a reduction in profit rates for national savings schemes.
According to a notification issued by the finance ministry, the new rates will come into effect from the 7th of May. The profit rate on Regular Income Certificates has been reduced to 9.24 percent from 9.36 percent. Likewise, the return on Special Savings Certificates has been scaled down to 8.75 per cent from 8.87 percent.
Similarly, the profit rate on the six-month short-term certificate has been reduced to 7.20 per cent from 7.30 per cent.
However, the rate of return on Behbood Savings Certificates, Shuhada Family Welfare Account, Pensioners’ Benefit Account and Defence Saving Certificates will remain unchanged. – Agencies