KARACHI – In a setback for investors and savers, the government has reduced the profit rates on several National Savings Schemes, according to an official notification.
Under the revised rates, the annual profit on the Bahbood Savings Certificate and Pensioners Benefit Account has been set at 12.96 percent.
The same annual return will also apply to the Shuhada Family Welfare Account.
The notification further stated that the monthly profit rate on Regular Income Certificates (RICs) has been revised to 11.52 percent. As a result, an investment of Rs100,000 in a Regular Income Certificate will now generate a monthly profit of Rs960.
Meanwhile, the Special Savings Certificate will offer an annual profit rate of 11.2 percent for the first six months, which will increase to 12.6 percent during the remaining six months of the investment period.
The revised profit rates have come into effect under the latest government notification and are expected to affect returns for thousands of National Savings investors across the country.
