In a recent move, the government has announced a significant reduction in the profit rates on various national savings certificates and schemes, with decrease of up to 150 basis points (bps).
This adjustment affects the Sarwa Islamic Savings Accounts (SISA), Savings Accounts (SA), and Short Term Savings Certificates (STSC).
The rate of return on Savings Accounts (SA) has been reduced by 150 bps, bringing it down to 19 percent from the previous rate of 20.5 percent. Similarly, the rate of return on Short Term Savings Certificates (STSC) has been slashed by 134 bps, now standing at 17.9 percent compared to the earlier rate of 19.24 percent.
Additionally, the profit rate on Sarwa Islamic Savings Accounts (SISA) has also been decreased by 150 bps, aligning it with the new rate of 19 percent, down from 20.5 percent.
The revised rates are as follows:
| Scheme | Latest Rate | Previous Rate | Change (bps) |
|---|---|---|---|
| Savings Account (SA) | 19% | 20.5% | -150 |
| Short Term Savings Certificates (STSC) | 17.9% | 19.24% | -134 |
| Sarwa Islamic Savings Account (SISA) | 19% | 20.5% | -150 |
