The Central Directorate of National Savings (CDNS) has reduced profit rates on most National Savings and Sarwa Islamic schemes, effective July 18, 2026.
The cuts lower returns on key investment products as Pakistan's interest rate environment continues to ease. Rates for the Savings Account and Sarwa Islamic products remain unchanged.
What are the new National Savings profit rates?
Compared with rates announced on June 10, returns have fallen across nearly all conventional National Savings schemes. The steepest cut hit the Behbood Savings Certificate, Pensioner's Benefit Account and Shuhada Family Welfare Account, down 24 basis points to 12.96% from 13.20%.
The Regular Income Certificate fell to 11.52% from 12.24%, while Short-Term Savings Certificates and Special Savings Certificates also declined.
How much has the Behbood Savings Certificate rate dropped?
The Behbood Savings Certificate, Pensioner's Benefit Account and Shuhada Family Welfare Account now offer an annual return of 12.96%, down from 13.20%. This marks a reduction of 24 basis points from the previous rate set on June 10. These schemes recorded the steepest cuts among all National Savings products in this revision.
What is the new rate on the Regular Income Certificate?
The Regular Income Certificate's annual return has been reduced to 11.52% from 12.24%. This lowers the monthly profit on a PKR100,000 investment to PKR960 from PKR1,020. The certificate remains one of the most closely watched products among Pakistan's fixed-income savers.
How have Special Savings Certificate rates changed?
Returns on the Special Savings Certificate and Special Savings Account were also reduced. The annual profit rate for the first five six-month profit periods fell to 11.2% from 12.4%, cutting the semiannual payout on a PKR100,000 investment to PKR5,600 from PKR6,200. The rate for the sixth and final profit period was lowered to 12.6% from 13.6%, reducing the payout to PKR6,300 from PKR6,800.
What are the new Short-Term Savings Certificate rates?
Profit rates on Short-Term Savings Certificates declined across all maturities. The three-month certificate now offers an annual return of 11.12%, down from 11.40%, while the six-month rate fell to 11.14% from 11.66%. The one-year certificate now offers 11.17%, compared with 11.77% previously.
Did Defense Savings Certificate rates change?
Returns under the Defense Savings Certificate were revised lower for longer maturities, while rates for the first four years remained unchanged. The fifth-year return was reduced to 66% from 67%. Longer-dated certificates absorbed a larger share of this revision than shorter-term products.
Which National Savings rates stayed the same?
The National Savings Saving Account continues to offer an annual return of 10%, unchanged from the previous notification. Returns on all Sarwa Islamic products also remain unchanged. The Sarwa Islamic Saving Account (SISA) continues to offer an expected annual return of 11.88%, while the Sarwa Islamic Term Account (SITA) maintains expected returns of 11.88% for the one-year maturity, 9.16% for the three-year biannual profit option and 11.16% for the five-year monthly profit option.
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