ISLAMABAD - The National Savings Organisation on Tuesday reduced the profit rate on short-term saving certificates with immediate effect from August 29.

According to details, the government has reduced the profit rate on the short-term saving certificates, which would be effective from August 29.

The government has decreased the profit rate by 1.38 per cent to 9.90 per cent from existing 11.28 per cent for three months saving certificates. Similarly, the profit rate on six months certificates has been reduced to 10 per cent from existing 11.34 per cent.

Meanwhile, the government has reduced the profit rate on one-year saving certificates to 10.10 per cent from exiting 11.40 per cent.

It can be mentioned here that the government already reduced the profit rate on National Savings Schemes (NSS) on Saturday for the investment made on or after August 27 in a response to the recent cut in discount rate by SBP. The State Bank of Pakistan has reduced the discount rate by 1.5 per cent.

According to the notification issued by the government on Saturday, new rates for Special Savings Certificates (R)/Account have been reduced by 1.22 per cent to 10.8 per cent.

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.