Important update for investors and savers: The Central Directorate of National Savings (CDNS) has announced a reduction in profit rates across the majority of its National Savings Schemes (NSS), effective January 5, 2026.
National Savings Profit Rates:
| Annualized | Current | Previous | Change (bps) |
| Short Term Savings Certificates | 10.68% | 10.64% | 4 |
| Sarwa Islamic Term Account | 9.96% | 9.92% | 4 |
| Serwa Islamic Saving Account | 9.96% | 9.92% | 4 |
| Defence Savings Certificates | 11.08% | 11.31% | (23) |
| Behbood Savings Certificate | 12.48% | 12.72% | (24) |
| Pensioners Benefit Account | 12.48% | 12.72% | (24) |
| Shuhada Family Welfare Account | 12.48% | 12.72% | (24) |
| Regular Income Certificate | 10.56% | 10.92% | (36) |
| Special Savings Certificates | 10.20% | 10.60% | (40) |
| Special Savings Account | 10.20% | 10.60% | (40) |
| Savings Account | 9.00% | 9.50% | (50) |
This move aligns with the broader economic trend of moderating inflation and the State Bank of Pakistan’s recent decision to cut the policy rate to 10.5%.
Key Conventional Rate Reductions:
- Special Savings Certificates (SSC): Down 40bps to 10.20%
- Regular Income Certificates (RIC): Down 36bps to 10.56%
- Savings Accounts: Saw the steepest decline of 50bps, now at 9.00%
- Pensioners’, Behbood & Shuhada Accounts: Down 24bps to 12.48%
- Defence Savings Certificates: Down 23bps to 11.08%
The Exception: Islamic Banking Trends Interestingly, Islamic savings products bucked the trend. Both the Sarwa Islamic Term Account and Sarwa Islamic Saving Account saw a slight increase of 4bps, bringing their rates to 9.96%.
As the CDNS continues to manage a portfolio of over Rs3.4 trillion, these adjustments reflect the shifting macroeconomic landscape. For those relying on monthly returns, it may be time to review your portfolio projections for the new year.
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