National Savings reduces profit rates by up to 1.22%

The National Savings Organisation has announced a reduction in profit rates across its various savings schemes, with cuts ranging from 0.03% to 1.22%. The decision comes amid speculation of further interest rate decreases in the upcoming monetary policy.

The profit rate for the Sarwa Islamic Term Account has been lowered by 1.22%, bringing it to 16.36%. Similarly, the Sarwa Islamic Savings Account has seen a reduction of 1%, now offering a return of 18%.

Short-term Savings Certificates have also been affected, with the profit rate reduced by 0.68% to 17.2%. Special Savings Certificates and Special Savings Accounts have both had their rates lowered by 0.3%, bringing them to 15.5%.

The Regular Income Certificate now offers a profit rate of 14.52%, reflecting a decrease of 12 basis points.

Experts suggest that the reduction in profit rates could be a signal of further cuts in interest rates as the State Bank prepares its next monetary policy announcement.