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KARACHI: The government of Pakistan cut interest rates on savings accounts by 360 basis points, affecting small investors.
The main changes include reductions in returns on Special Savings Certificates and reductions for Special Savings Accounts and Regular Income Certificates. The new rates will be applicable from November 4, 2024. The changes affect several popular savings options, with deductions reaching 309 basis points.
Return of New National Savings
The rate of return on welfare savings certificates decreased from 14.16 percent to 13.92 percent. Regular Income Certificates saw a decline from 12.72% to 12.12%. Special Savings Certificates will be reduced from 15.20% to 13.00%.
Pensioner’s accounts reduced from 14.20% to 13.92% and Shahada accounts have a new rate of 13.90%. The Sur Islamic Savings Certificate will experience a significant reduction from 14.25% to 11.16%.
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