ISLAMABAD: The Directorate of National Savings (CDNS) has reduced profit rates on various national savings schemes.
According to CDNS, the profit rate on Special Savings Certificates has decreased by 20 basis points, from 11.20 percent to 11 percent. The rate on Short-Term Savings Certificates has dropped by 33 basis points, from 11.13 percent to 10.80 percent. The profit rate on Defence Savings Certificates has been lowered by 1 basis point, from 12.15 percent to 12.14 percent.
Similarly, the profit rate on Savings Accounts has decreased by 20 basis points, from 11.20 percent to 11 percent. For Pensioners’ Benefit Accounts and Shuhada Family Welfare Accounts, the profit rate has been reduced by 10 basis points, from 13.68 percent to 13.58 percent.
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The profit rate on Sarwa Islamic Term Accounts has been cut by 16 basis points, from 9.90 percent to 9.74 percent. The same reduction applies to Sarwa Islamic Savings Accounts, bringing the rate down from 9.90 percent to 9.74 percent. These new rates took effect on February 25.
Last month, the Governor of the State Bank announced a 1 percent cut in the interest rate during the monetary policy update, bringing it to 12 percent.
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