The government has recently announced a significant reduction in the profit rates for various National Savings Schemes. The latest update reveals that the Sarwa Islamic Term Account’s profit rate has been slashed by 1.22%, bringing it down to 16.36%. This cut marks a notable shift in savings returns under the scheme.
In addition, the Sarwa Islamic Savings Account has seen a 1% decrease, now offering an 18% return. Short-term savings certificates have not been spared, as their rate has been reduced by 0.68%, lowering the return to 17.2%.
Other schemes such as the Special Savings Certificates and Special Savings Accounts have experienced a slight reduction of 0.3%, setting their new profit rate at 15.5%. Moreover, the Regular Income Certificate also saw a dip, with its rate decreasing by 12 basis points, leaving it at 14.52%.
These changes may impact investors seeking steady returns, prompting them to reconsider their financial strategies amidst fluctuating savings rates.
