- National Savings lowers profit rate for Savings Accounts.
- New profit rate for Savings Accounts is 19%.
- Minimum investment for Savings Account is Rs100.
The National Savings, also known as Qaumi Bachat Bank, has lowered the profit rate for Savings Accounts, effective August 2024.
The Savings Account (SA) is the oldest product offered by National Savings, designed to encourage small savers to invest in a way that assists them in meeting their daily financial needs.
Both Pakistani Nationals and Overseas Pakistanis can open single or joint Savings Accounts. An adult may also open a Savings Account on behalf of a minor under their guardianship.
The minimum investment required in this category is Rs100, while there is no maximum limit.
Individuals can open a Savings Account at any National Savings Centre (NSC) by completing the DA-I (Application Form), which is available free of charge at all branches.
Deposits can be withdrawn at any time after the date of deposit, but investors are limited to three withdrawals per week.
Savings Account New Profit Rate from August 2024
National Savings has reduced the profit rate on Savings Accounts by 1.5 percent, setting the new rate at 19%. This is a decrease from the previous rate of 20.5%, which had been in place since October 2023.
Short Term Savings Certificates Profit Rate Reduced
Additionally, the profit rate for Short Term Savings Certificates has been decreased by 1.34% to 17.9%, effective August 2024.
[embedpost slug = “/special-savings-certificates-updated-qaumi-bachat-bank-profit-rate-august-2024/”]
