National Savings slashes profit rates on its schemes

ISLAMABAD (92 News) – The National Savings has slashed profit rates on its schemes on Thursday. According to the details garnered, investment in National Savings schemes would bear less profit after the revision of rates. The national savings has cut profit rates on its schemes by up to 36 basis points. Profit rates on Defence and Bahbood saving certificates were slashed by 28 and 24 basis points each. People will now get 10.4% returns on the Defence Saving Certificates, compared to previous profit rate of 10.68%. It means an investment of Rs100,000 will earn you Rs867 a month. While the people also get 12.24% profit rate by slashing 0.24% on Bahbood certificates. The highest cut of 36 bps was recorded in the case of Regular Income Certificates which would now offer 10.56% interest from 10.92%. Profit rate for Special Saving Certificates remained unchanged at 11%. Savings Accounts, which previously had the lowest 8.2% profit rate, recorded a slight increase. It would now offer 8.6% returns.