National Savings slashes profit rates on its certificates
National Savings cut benefit rates by up to 36 basis points on their certificates, it said Thursday.
Profit prices were cut by 28 and 24 basis points each on Defense and Bahbood saving certificates.
Investment in national savings schemes will result in less income following rate revision.
Citizens will now earn 10.4% returns on Defense Saving Certificates compared to the previous 10.68% benefit limit. It means a Rs100,000 investment earns you Rs867 a month.
In the case of regular income certificates, which would now give 10.56% interest from 10.92%, the highest cut of 36 bps was reported.
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The rate of profit remained unchanged at 11% for Special Saving Certificates.
Savings Accounts, which previously had the lowest income rate of 8.2%, were slightly higher. It would now offer returns of 8.6%.