The Ministry of Finance has announced reduction in profit rates on National Savings schemes.
According to a notification issued on Tuesday, the profit on Shuhada Family Welfare Accounts and Pensioners Benefit Accounts has been reduced to 11.04 percent from 11.52 percent.
The profit on Regular Income Certificates has been reduced by Rs600 to Rs7,200.
Short-term Savings Certificates worth Rs500,000 have their profit slashed by Rs500, the notification read. Investors having these certificates will now get Rs36,500.
Special Savings Accounts will yield 9 percent profit, instead of 9.2 percent.
The profit on Defence Savings Certificates will remain the same.
The new profit rates will be applicable from May 19, 2021.