NSS profits revised downward

KARACHI: National Saving Scheme (NSS)’s profits cut down effective from August 27 have been announced, Geo News reported.

National Savings Organization said that following the reduction in bank rate by the Central; Bank, the rates of profits on NSC have also been revised downward. Profit on Special Saving Certificate trimmed down by 1.22 percent fixed at 10.8 percent, Regular Income Certificate profit down by 1.32 percent fixed at 11.04 percent, Defence Certificate profit after reduction by 1.18 percent fixed at 11.5 percent, while on saving accounts profit reduced by 1.24 percent fixed at 7.4 percent.

The organization said that the revision in the profits on schemes was to be done in October 2012, but they have to do it in August in the backdrop of Central Bank’s reduction in key interest rate by 1.5 percent.