The federal government has revised profit rates on National Savings Schemes from November 4, according to a notification by the finance ministry.
A national savings scheme is a government-backed programme that offers various financial products, such as savings accounts, certificates, and prize bonds, to encourage saving among citizens.
The new rates reflect both upward and downward adjustments across multiple saving instruments, Business Recorder reports.
Under the new rates, Defence Saving Certificates (DSCs) stand at a profit rate of 11.31 per cent, down from the previous 11.42pc. The profit rates of Bahbood Savings Certificates (BSCs), Pensioner Benefit Accounts (PBAs) and Shuhada Family Welfare Accounts (SWFAs) also decreased from 12.96pc, but hold the highest returns at 12.72pc.
Regular Income Certificates (RICs) increased from 10.80pc to 10.92pc, while Special Savings Certificates (SSCs) and Special Savings Accounts (SSAs) increased to 10.60pc. Rates on Short Term Savings Certificates (STSCs) of three-month tenures increased from 10.28pc to 10.44pc and the one-year tenure STSC increased from 10.42pc to 10.64pc.
Meanwhile, the profit rates of Savings Accounts remained unchanged, as well as the Sarwa Islamic Savings Account (SISA), at 9.50pc and 9.92pc respectively.
The one-year Sarwa Islamic Term Account (SITA) also remained at 9.92pc, but the three-year SITA rate increased from 9.96pc to 10.30pc and the five-year one from 10.32pc to 10.56pc.
According to Business Recorder, the revised rates are expected to attract more individual investors, particularly retirees and families seeking stable and risk-free returns.
