The federal government has reduced national savings after a reduction in interest rates by the State Bank of Pakistan.
The government issued a notification on Wednesday to reduce the rate of return on national savings schemes.
Following the reduction in interest rates by the State Bank, the government has reduced the rate of return on various national savings schemes by up to one per cent in the wake of the recent decline in the inflation rate in the country.
In this regard, the Department of National Savings (DNS) has officially issued a notification, according to which the new rate will be applicable from May 21, 2025 onwards.
According to the notification, the rate of return has been reduced by up to one per cent, which will apply to different savings schemes at different rates.
After a one per cent reduction, the rate of return on savings accounts will now be 9.5 per cent. Similarly, the rate of return on Special Savings Certificates has been reduced by 30 basis points to 10.9 per cent.
Similarly, the interest rate on Regular Income Certificates has been reduced by 18 basis points to 11.52 percent, the interest rate on Defense Savings Certificates has been reduced by 21 basis points to 11.91 percent, while the interest rate on Welfare Savings Certificates, Pensioners Benefit Account and Shuhada Family Welfare Account will now be 13.4 percent after a reduction of 24 basis points.
