Islamabad: The federal government has announced a reduction in interest rates on various investment schemes of National Savings and has issued an official notification of the new rates. The new rates have been declared effective immediately.
According to the notification issued, the annual interest rate on Behbood Savings Certificates and Pensioners Benefit Accounts has been reduced to 12.96 percent. Similarly, the new annual interest rate has been fixed at 12.96 percent for the Shuhada Family Welfare Account.
According to the announcement, the monthly interest rate on a regular income certificate will now be 11.52 percent per annum. Under the new rate, the investor will get a monthly interest of Rs. 960 on an investment of Rs. 100,000.
On the other hand, the interest payment for the special savings certificate will be made in two different periods. The annual interest rate for the first six months has been fixed at 11.20 percent, while for the next six months it will be 12.60 percent.
According to financial experts, the interest rate on national savings schemes is usually changed, keeping in mind the market interest rate, inflation and the monetary policy of the central bank. The new rates will directly impact investors who rely on various national savings schemes for their savings.
After the new rates issued by the government, investors have been advised to review the latest interest rates while making investment decisions so that they can plan their finances better.