The National Savings, also known as Qaumi Bachat Bank, has announced a reduction in the profit rate for its Savings Account (SA), effective August 2024.
According to media reports, the new profit rate is set at 19%, a decrease of 1.5% from the previous rate of 20.5%, which had been in place since October 2023.
The Savings Account is one of the oldest and most popular products offered by National Savings, designed to encourage small savers to invest in a secure manner that supports their day-to-day financial needs.
This account is open to all Pakistani nationals, including those residing overseas, and can be held individually or jointly. Additionally, adults can open a Savings Account on behalf of minors under their guardianship.
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There is no cap on the maximum investment amount, and the minimum investment required is Rs100. Accounts can be opened at any National Savings Centre (NSC) by completing the DA-I application form, available free of charge at all branches. Depositors have the flexibility to withdraw their funds at any time, though withdrawals are limited to three times per week.
In addition to the reduction in Savings Account profit rates, National Savings has also lowered the profit rate on Short-Term Savings Certificates. The new rate for these certificates is 17.9%, down by 1.34% from the previous rate.
These adjustments reflect the bank’s ongoing efforts to manage its financial offerings in response to changing economic conditions. Investors and savers are advised to consider these new rates when planning their investments.
