National Savings Schemes Profit Rates Reduced Again

The Central Directorate of National Savings (CDNS) has decreased the rates of return on various National Savings Schemes effective February 21, 2024, marking the third reduction in the last two months. This adjustment aligns with the declining inflation and interest rates in the country.

According to the CDNS notification, several schemes witnessed rate cuts: Special Savings Certificates (SSC) decreased by 40 bps to 15.6%, Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhada Family Welfare Account dropped by 72bps to 15.36%, and Defence Saving Certificates (DSC) declined by 55bps to 13.67%. Short Term Savings Certificates (STSC) saw a 58bps reduction to 19.76%, while Regular Income Certificates (RIC) decreased by 36bps to 14.64%.

However, rates for Saving Account, Sarwa Islamic Term Account, and Sarwa Islamic Saving Account remained unchanged.

The CDNS’s decision comes after the State Bank of Pakistan (SBP) maintained the key interest rate at 22% in its recent monetary policy committee meeting, hinting at potential rate cuts in the future.