ISLAMABAD – The government of Pakistan has made several changes in various services and after fresh taxation, the rates of Special Savings Certificates have also been adjusted.
Special Savings Certificates remain among famous offerings from National Savings. The scheme introduced by Markaz Qaumi Bachat taps small and medium investors, providing unique investment opportunities with two-year returns on investments.
The tenure of these certificates extends to 3 years for people, with dividends disbursed every 6 months. The government updated the rate of return for various products, including Special Savings Certificates, earlier this year.
Regarding tax deductions, individuals listed in the Active Taxpayer List (ATL) will face a 15percent withholding tax on profits, regardless of investment date or amount while Non-filers are subject to a higher rate of 30percent withholding tax under the same conditions.
New Taxes on Special Savings Certificate
| Special Savings Certificates | Tax |
| Taxation (Withholding Tax) | – 15% for individuals on Active Taxpayer List (ATL) |
| – 30% for non-filers of ATL |
National Savings lately adjusted interest rates, setting the rate at 15.7percent per annum for the first five months and while for sixth and final month, the rate stands at 16.6percent.
Qaumi Bachat Bank latest profit rate on Special Savings Certificates from May 2024
