The government has announced changes in the profit rates for various National Savings Schemes, effective immediately. These revisions are crucial for those investing in these popular saving options.
Key Changes in Profit Rates:
- Savings Account: The profit rate for the National Savings’ Savings Account has been reduced by 150 basis points, bringing it down from the previous rate to 19%. This change directly impacts account holders who rely on this scheme for secure savings.
- Short-Term Savings Certificates: Investors in Short-Term Savings Certificates will see a reduction in their returns, with the profit rate lowered by 134 basis points to 17.9%. This adjustment reflects the government’s strategy to manage economic factors influencing these rates.
- Sarwa Islamic Savings Accounts: The profit rate for Sarwa Islamic Savings Accounts has also been decreased by 150 basis points, now set at 19%. This reduction aligns with the changes made in conventional savings accounts, affecting those who prefer Shariah-compliant investment options.
Other Schemes Unchanged
According to the official statement, the profit rates for other National Savings Schemes remain unchanged, providing stability for investors in those areas. This decision offers a mix of adjusted and stable options for various investors.
These updates in the National Savings Schemes’ profit rates are significant for both current and prospective investors. Staying informed about these changes is essential for making sound financial decisions.
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