Profit rate on saving schemes cut by 1.5%

[Naveed Yaseen]

LAHORE: The government on Tuesday decided to lower the profit rates on various national saving schemes by 1.5 percent, a private TV channel reported on Tuesday.

The channel said new rates would be effective from today (Wednesday). The revised rate on most of the schemes has been slashed from 14.53 percent to 13.20 percent. The rates on five-year maturity regular income certificates have been cut to 13.60 percent from the previous 15 percent, while the saving account rate has been decreased by one percent to 9 percent.

The summary approved by the Finance Ministry has been forwarded to the National Directorate of Savings for implementation.

http://www.dailytimes.com.pk/default.asp...009_pg1_10