National Savings Announces Reduction In Profit Rates

Profit rate for the Sarwa Islamic Term Account has been reduced by 1.22% to 16.36%

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-Sept 13rd, 2024) The National Savings has announced a decrease in profit rates for its various savings schemes, with reductions ranging from 0.03% to 1.22%.

The profit rate for the Sarwa Islamic Term Account has been reduced by 1.22% to 16.36%. For the Sarwa Islamic Savings Account, the rate has been lowered by 1% to 18%.

Similarly, the profit rate on Short-Term Savings Certificates has decreased by 0.68% to 17.2%, and the rate for Special Savings Certificates and Special Savings Accounts has been reduced by 0.3% to 15.5%.

The profit rate on Regular Income Certificates has been cut by 12 basis points to 14.52%. Experts believe that this reduction in rates may signal a potential further decrease in interest rates in the upcoming monetary policy.