ISLAMABAD - The government has once again reduced the profit rates on National Savings Schemes (NSS) for the investment in a response to the recent cut in discount rate made by State Bank of Pakistan (SBP).
According to the announcement made by the government on Thursday, the new rates for Special Savings Certificates (R)/Account have been reduced to 10 per cent from earlier rate of 10.80 per cent. The new rates for Regular Income Certificate have been decreased from 11.04 per cent to 10.56 per cent. Similarly, new rates for Defence Savings Certificates have been slashed from 11.50 per cent to 11.04 per cent. Meanwhile new rates for Savings Accounts have been reduced from 7.4 per cent to 6.5 per cent.
The profit rate of return for specialised savings schemes - Bahbood Savings Certificates and Pensioners’ Benefit Account - has also been revised and fixed at 12.9 per cent to provide safety net to specialised segment of society. The government has taken the decision following the decrease in discount rate made by State Bank of Pakistan (SBP) by 0.5 per cent to 10 per cent.
It might be mentioned here that government had already reduced the profit rates on National Savings Schemes (NSS) in August this year, following SBP reduced discount rate by 1.5 per cent.