KARACHI: The government on Friday reduced profit rate up to 300 basis points on saving schemes following major cut in policy rate by State Bank of Pakistan (SBP).
The revised rate of profit on various saving scheme will be applicable on April 24, 2020.
The SBP has reduced the policy rate to 9 percent after revising downward the rate by 4.25 in three announcements in one month period.
Profit rate on Defence Certificate cut by 1.86 percent to 8.54 percent.
Profit rates on Behbood and Pension certificates cut by 1.92 percent to 10.32 percent.
Profit rate on Savings account cut by 1.60 percent to 7 percent.
Profit rate on Special Savings cut by 3 percent to 8 percent.
And, profit rate on Regular Income certificate cut by 2.28 percent to 8.28 percent.