Qaumi Bachat slashes profit rates after MPC review; Check Updated Rates

KARACHI – The profit rate on National Savings Schemes including Short Term Saving Certificates, Sarwa Islamic Term Account, and Special Saving Certificates saw cut, a day after central bank revised interest rates.

Short Term Savings Certificates of Markaz Qaumi Bachat Bank or National Savings Centre, stands was reduced, starting from August 2024. Sarwa Islamic Term Account saw drop of 1.22pc, lowering its rate to 16.36pc.

Rate for Sarwa Islamic Saving Account decreased by 1%, bringing it down to 18%. For Short Term Saving Certificates, the rate has been reduced by 0.68%, now standing at 17.2%. Both Special Saving Certificates and Special Saving Accounts have experienced a 0.3% decrease in their profit rates, which are now set at 15.5%.

National Savings Schemes New Profit Rates

Products	New Rate
Sarwa Islamic Term Account	16.36%
Sarwa Islamic Saving Account	18%
Short Term Saving Certificates	17.2%
Special Saving Certificates	15.5%
Special Saving Accounts	15.5%
Regular Income Certificates	14.52%

Additionally, the profit rate for Regular Income Certificates has been cut by 12 basis points, resulting in a new rate of 14.52%. These adjustments reflect a broader trend of lowering profit rates across various savings products.

The reduction in profit rates is seen as a potential indicator of a further decline in interest rates in future monetary policy adjustments. This move aims to align the savings rates with the current economic conditions and market trends.