LAHORE – National Savings Centre or Qaumi Bachat Bank offers Savings Account (SA) to encourage the small investors to make investment in a way that can help in meeting their day-to-day financial needs.
Savings Account, is the oldest/primeval product of National Savings, gives a great facility to its investor for withdrawing the amount deposited three times a week.
Any Pakistani national or overseas Pakistan can open their Savings Account being a single adult or two adults jointly where the payments can be received either by the both jointly (Joint-A) or any one of the account holders (Joint-B).
Furthermore an adult can open a Savings Account on behalf of any minor under his/ her guardianship.
Savings Account Investment limit
The minimum investment limit is Rs100 while there is no maximum investment limit. One Account can be opened by one person at an office of the National Savings.
The deposits can be withdrawn any time following the date of the deposit. However, investor can withdraw his amount thrice a week.
Latest Profit Rate on Savings Account From This Month
The National Savings recently revised the profit rate of various products, including Savings Account, in September.
It has decreased the profit rate to 16 percent on total investment as compared to previous 19%.
Profit in the Savings Account is credited on 30th June every year and is calculated by adding together the minimum balances between the close of 6th day and end of each month and by working out profit for one month on the total amount at the prescribed rates.
Tax and Zakat Deduction
Persons appearing in Active Tax Payer List (ATL) will pay 15% Withholding Tax on the profit irrespective of date of investment and amount/profit.
“Persons not appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 35% of the yield/profit irrespective of date of investment and amount/profit,” the bank said.
Zakat is applicable as per rules.
