KARACHI: The government has announced a comprehensive revision of profit rates across its national savings schemes (NSS) and Sharia-compliant accounts, with some instruments receiving hikes of more than 200 basis points, according to official notifications issued on Monday (May 25).
The new rates mark the first upward revision after the State Bank of Pakistan (SBP) increased interest rates in April to 11.5 per cent. Special Savings Certificates and Special Savings Accounts will offer an annualised return of 11.6 per cent per cent for the first five profit payment periods, with the final payout carrying a higher annualised return of 12.4 per cent.
Returns on Short Term Savings Certificates were also increased. The government fixed annualised profit rates at 10.84 per cent for three-month certificates, 10.58 per cent for six-month certificates and 11.23 per cent for one-year certificates.
The profit rate on Savings Accounts was set at 10 per cent per annum.
However, the government left the rates on Defence Savings Certificates, Bahbood Savings Certificates, Pensioners’ Benefit Accounts and Shuhada Family Welfare Accounts unchanged, all of which will continue to offer annual returns of 12 per cent.
The government also revised upward the expected returns on Shariah-compliant Sarwa products.
The one-year Sarwa Islamic Term Account and Sarwa Islamic Savings Account will now offer an expected annual return of 10.93 per cent, while the five-year Sarwa Islamic Term Account will provide an expected annual return of 11.16 per cent.
