The interest rate for the Short-Term Savings Certificates also dropped by 0.68pc to rest at 17.2pc.
Qaumi Bachat slashes profit rates by up to 1.22%; Details inside. The Qaumi Bachat aka National Savings has announced a reduction in profit rates for various savings accounts, with cuts ranging from 0.03pc to 1.22pc, a day after State Bank of Pakistan SBP revised interest rates.
Experts suggest that the decrease in profit rates can be the potential indicator of a further decline in interest rates in upcoming monetary policy adjustments.
The profit rate for the Sarwa Islamic Term Account has been reduced by 1.22pc, bringing it to 16.36pc. Similarly, the Sarwa Islamic Savings Account has seen a cut of 1pc, now offering a return of 18pc.
The interest rate for the Short-Term Savings Certificates also dropped by 0.68pc to rest at 17.2pc. The Regular Income Certificate now offers a profit rate of 14.52pc, reflecting a decrease of 12 basis points.
Special Savings Certificates and Special Savings Accounts have also been affected, with both seeing their rates lowered by 0.3pc to 15.5pc.
National Savings’ new profit rates
| Products | New Rate |
|---|---|
| Sarwa Islamic Term Account | 16.36% |
| Sarwa Islamic Saving Account | 18% |
| Short Term Saving Certificates | 17.2% |
| Special Saving Certificates | 15.5% |
| Special Saving Accounts | 15.5% |
| Regular Income Certificates | 14.52% |
The Central Directorate of National is Pakistan‘s state-owned savings bank, operating as an attached department under the Finance Division, Ministry of Finance led by the Director General.
Traditionally, National Savings has focused on raising funds from individual savers to help finance the government’s fiscal deficit through non-bank means. The organisation offers a range of savings products with competitive interest rates, backed by a 100% government guarantee on all deposits.
