LAHORE – The National Savings or Qaumi Bachat Bank has reduced the profit rate for Savings Account, with effect from August 2024.

Savings Account (SA) is the oldest offering of the National Savings with a product design to encourage the small savers to invest in a way that helps them meet their day-to-day financial needs.

All Pakistani Nationals as well as Overseas Pakistanis can open the single or joint Savings Accounts. An adult can open a Savings Account on behalf of any minor under his/ her guardianship.

The minimum investment in this category is Rs100 while there is no cap on maximum limit.

The Savings Account can be opened at any National Savings Centre (NSC) by filling in the DA-I (Application Form), available free of cost at all branches.

The deposits can be withdrawn any time following the date of the deposit. However, investor can withdraw his amount thrice a week.

Savings Account New Profit Rate from August 2024

The National Savings has reduced the profit rate on Savings Account by 1.5 percent with fixing the new rate at 19%. Previously, it stood at 20.5% since October 2023.

Short Term Savings Certificates Profit Rate Reduced

Meanwhile, the profit rate for Short Term Savings Certificates has been reduced by 1.34% to 17.9 % with effect from August 2024.