Profit rates on savings schemes increased
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.