The government has reduced the profit rates on National Saving Schemes.

ISLAMABAD:Profit rates on National Savings Schemes down.The government has reduced profit rates on National Savings Schemes (NSS) for the investment made on or after August 27 in a response to the recent cut in discount rate by SBP.According to the Central Directorate of National Saving Schemes‚ the new profit rate on Special Saving Certificates – a three-year maturity scheme on which profit is paid semi-annually – will be 10.8%.New rates for Regular Income Certificate have been decreased by 1.32 per cent to 11.04 per cent. Similarly, new rates for Defence Savings Certificates have been slashed by 1.18 per cent to 11.5 per cent. Meanwhile new rates for Savings Accounts have been reduced by 1.24 per cent to 7.40 per cent.

 Officials said that the move was in accordance with the government’s policy to provide market-based competitive rate of return to investors of National Savings.