The National Savings Organisation has announced a reduction in profit rates across its savings schemes, with cuts ranging from 0.03 per cent to 1.22 per cent. The move comes amid widespread speculation of further interest rate reductions in the upcoming monetary policy by the State Bank of Pakistan.
Among the key changes, the profit rate for the Sarwa Islamic Term Account has been slashed by 1.22 per cent, bringing it down to 16.36 per cent. Similarly, the Sarwa Islamic Savings Account has seen a 1 per cent cut, now offering a return of 18 per cent.
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Short-term Savings Certificates have also been impacted, with their profit rate reduced by 0.68 per cent to 17.2 per cent. Both Special Savings Certificates and Special Savings Accounts have had their rates lowered by 0.3 per cent, now standing at 15.5 per cent.
The Regular Income Certificate has experienced a smaller reduction, with the profit rate dropping by 12 basis points to 14.52 per cent.
