ISLAMABAD, Aug 25: The National Savings Organisation has reduced rates of profit for all saving schemes with effect from August 27.

This is the second consecutive time that the rates have been cut.  A spokesman for the central directorate of National Savings told Dawn that the rates had been reduced in view of the government’s discount rate policy announced last month.

This is not a routine change in the rates which normally takes place on a quarterly basis. The next change was due on Sept 30.

According to the official announcement, the rate of profit for Special Savings Certificate has been reduced from 12.02 per cent to 10.8 per cent; Regular Income Certificate from 12.36 per cent to 11.04 per cent; Defence Savings Certificate from 12.68 to 11.5 per cent; Pensioners’ Benefit Account from 14.64 per cent to 13.5 per cent; Behbood Savings Certificate from 14.64 per cent to 13.53 per cent and Savings Accounts from 8.65 per cent to 7.4 per cent.—Reporter