The federal government has declared a reduction in profit rates for National Savings schemes, effective December 11. The National Savings Department reports a decrease in the profit rate on savings accounts from 16% to 13.5%, a cut of 250 basis points. Similar reductions have been applied to Regular Income Certificates and Defence Savings Certificates.
Specifically, the profit rate for Regular Income Certificates has dropped by 10 basis points to 12.1%. Additionally, the rates for Short-Term Savings Certificates have been decreased. The Department has also revised rates downward for other plans, including the Savings Account, Sarwa Islamic Term, and Islamic Savings Account.
Notably, the profit rate on Islamic Savings Accounts now stands at 10.44%, following a 72-basis-point reduction.
