KARACHI – The government of Pakistan slashed profit rates on savings accounts by up to 360 basis points, affecting small investors.
Key changes include drop in returns for Special Savings Certificates and reductions for Special Savings Accounts and Regular Income Certificates. The new rates will be applied from November 4, 2024 . The changes affect several popular savings options, with cuts reaching up to 309 basis points.
New National Savings Returns
The profit rate for Bahbood Saving Certificates comes down from 14.16% to 13.92%. Regular Income Certificates saw a drop from 12.72% to 12.12%. Special Saving Certificates will be reduced from 15.20% to 13.00%.
| Scheme | Old Rate | New Rate |
| Special Savings Certificates (SSC) | 15.20% | 11.60% |
| Special Savings Accounts (SSA) | 15.20% | 13.00% |
| Regular Income Certificates (RIC) | 12.72% | 12.12% |
| Sarwa Islamic Savings Account (SISA) | 14.25% | 11.16% |
| Sarwa Islamic Term Account (SITA) | 14.25% | 11.16% |
| Welfare Accounts (e.g., Shuhadas, Pensioners, Bahbood) | 14.16% / 14.20% | 13.92% |
Pensioners Accounts comes down from 14.20% to 13.92% and new rate of Shuhada Accounts is 13.90%. Sarwa Islamic Saving Certificate will experience a significant cut from 14.25% to 11.16%.
Qaumi Bachat Bank sets Behbood Savings Certificates profit rate for April 2024
