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KARACHI: The Central Directorate of National Savings (CDNS) on Friday cut the rate of return of national savings schemes by 2 percent.
A notification shared in this regard has confirmed the reduction in interest rates on various national savings schemes, with effect from November 4, 2024. Interest rates for Special Savings Certificates and Accounts, Defense Savings, and Regular Income Certificates have been reduced to 2 percent.
Meanwhile, Behbood Savings and Pensioners’ Benefit Accounts will now earn lower returns with rates on Shahada Family Welfare Accounts and Short-Term Savings Certificates falling. Islamic Term Accounts and Islamic Savings Account holders will also see a reduction in their rate of return.
With the new change, there will be no change in the rate of return on regular savings accounts, which will bring a sigh of relief to account holders in this category. Savers are awaiting further changes in the coming days to secure returns on their investments.
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