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ISLAMABAD The government has announced a reduction in the rate of return on national saving schemes

According to details, the government has reduced the rate of return on national savings schemes and a notification has been issued by the Finance Ministry.

The notification said that the rate of return on defense certificates has been reduced by 1.86 per cent, after which the new rate of return on defense certificates has been reduced to 8.54 per cent.

Similarly, the rate of return on welfare certificate decreased by 1.92 per cent to 10.32 per cent while the rate of return on regular certificate decreased by 2.8 per cent to 8.28 per cent.

According to the notification, the rate of return on Special Savings Certificate has been reduced by 3%, after which the rate of return on Special Savings Certificate has been reduced to 8% while the rate of return on Martyr Family Certificate has been reduced to 10.32%.

The finance ministry says the new rates will apply to investments made from April 24.

It may be recalled that the Ministry of Finance had issued a draft law to identify investors in national savings schemes, stating that National Savings would seek help from NADRA to check its 4 million customers and identify suspicious persons. UNSC will also check the list.

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