Government Reduces Profit Rates on National Savings Schemes

The federal government has announced a reduction in profit rates for several National Savings schemes, as confirmed by a Ministry of Finance notification. Effective from September 25, 2024, the revised rates will affect savings accounts, special savings accounts, and defense savings schemes, all of which will see decreased returns.

Among the changes, regular income certificates and welfare savings certificates will now offer lower profit rates. Pensioners and families of martyrs will also experience cuts, with the annual profit on pensioners’ and martyr family welfare accounts dropping from 15.36% to 14.16%.

Similarly, welfare savings certificates will now yield 14.16% annually, while regular income certificates’ profit rates have fallen from 14.52% to 12.72%.