The federal government has reduced the profit rates on various National Savings Pakistan schemes, according to a notification issued on Saturday. Under the revised rates, the annual profit on the Behbood Savings Certificate and the Pensioners’ Benefit Account has been fixed at 12.96%.

The notification said the monthly profit rate on the Regular Income Certificate has been reduced to 11.52%. As a result, an investment of Rs100,000 in the scheme will now yield a monthly profit of Rs960.

It further stated that the profit on the Special Savings Certificate has been set at 11.2% for the first six months and 12.6% for the remaining six months. According to the notification, the annual profit rate on the Shuhada Family Welfare Account has also been revised to 12.96%.

National Savings is one of the primeval institutions in the country with a legacy of more than 140 years that came into existence with the promulgation of Government Savings Bank Act in 1873.

It seeks to promote and inculcate the habit of thrift for mobilization of savings and is the preferred institution for small savers.