KARACHI: Ministry of Finance has confirmed decrease in profit rates for various National Savings Schemes, effective from September 25, 2024.

According to reports reaching here, this change will impact many investors and savers across country. According to notification, rates for several popular savings options-including Savings Account, Special Savings Account and Defense Savings Scheme will be lowered.

Additionally, both Regular Income Certificate and Welfare Savings Certificate will also see reduced interest rates.

Notably, annual profit rates for Pensioners Benefit Accounts and Shuhada Family Welfare Accounts will drop significantly. Profitability for these accounts will decrease from 15.36 percent to 14.16 percent, making it less appealing for pensioners who rely on these accounts for their financial security.

Adjustment in rates reflects ongoing economic conditions and is part of government’s broader strategy to manage financial landscape.

For many, these savings schemes represent vital source of income, particularly for retirees and families relying on welfare benefits

Published in The Daily National Courier, September, 25 2024

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