National Savings cuts profit rates

The National Savings cut profit rates on its various schemes, including Special Savings Certificates, pensioners' benefit accounts, Islamic term accounts and the Shuhada family welfare accounts, its central directorate announced on Friday.

The CDNS said that the new profit rates would take effect from February 25.it said that the profit rate on Special Savings Certificates had been reduced by 20 basis points, to 11%, Short-Term Savings Certificates by 33 points to 10.80% and on Defence Savings Certificates by 1 basis point to 12.14%.

Similarly, the profit rate on savings accounts has been slashed by 20 basis points, from 11.20% to 11%; Pensioners' Benefit Accounts by 10 basis points, from 13.68% to 13.58%; and the Shuhada Family Welfare Accounts, was slashed from 13.68% to 13.58%.

The profit rate on Sarwa Islamic Term Accounts has also been decreased by 16 basis points, falling from 9.90% to 9.74%, and the rate on Sarwa Islamic Savings Accounts was slashed by 16 basis points, from 9.90% to 9.74%.