ISLAMABAD: The government has announced adjustments in the profit rates on national savings schemes including its Islamic products and accounts with effect from Oct 30.
According to a notification issued by the Ministry of Finance, the profit rate on savings accounts has been increased by 1pc to 20.5pc per annum. Likewise, the profit rate on special savings accounts has been increased by 20 basis points to 18pc.
On the other hand, the profit rate on deposits in Pensioners’ Benefit Accounts, Bahbood and Shuhada’s Family Welfare Account, has been reduced and fixed at 16.32pc per annum, down from the existing 16.56pc.
The return on short-term certificates of one year has now been fixed at 21.72pc from 19.82pc.
No change has been announced for one-year Sarwa Islamic Term Accounts (SITA) that would be available to investors at 20.80pc. However, the expected rate of return for a three-year SITA has been increased to 18.23pc effective Oct 30 from 18pc set in June this year. Likewise, the expected return on five-year SITA has now been notified at Rs15.72pc from 12.84pc — an increase of almost 3pc.
The Sarwa Islamic Saving Account (SISA) — a running account — would now offer a 20.50pc return from the previous rate of 19.50pc. These products are scripless and their profits would be deposited into their bank accounts or national savings accounts through Raast accounts, as the case may be.
The Central Directorate of National Savings has despatched revised rate sheets to all the regional offices with instructions that the existing stock of blank certificates would now be issued at new rates effective Oct 30.
Published in Dawn, November 2nd, 2023
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