ISLAMABAD – The Central Directorate of National Savings (CDNS) has decreased the profit rate for Short Term Savings Certificates with effect from November 4, 2024, owing to decrease in inflation rate and positive economic indicators.
he government launched the Short Term Savings Certificates (STSCs) program in 2012 which is designed specifically to meet the short term funding needs of the investors with maturity period of 3-months, 6-months & 1-year.
It is pledge-able and having 3-month, 6-month and 1-year maturity scheme and all Pakistani nationals as well as Overseas Pakistanis can make investment in it.
An investor can deposit minimum Rs10,000 in this category while there is no maximum limit.
Short Term Savings Certificates latest Profit Rate
The CDNS has fixed the profit rate for three-month maturity at 14.32 percent or Rs3,580 on investment of each Rs100,000 as compared to previous 18,52% or Rs4,630.
The profit rate for six-month maturity category has been fixed at 13.46% or Rs6,730 as compared to previous 18.22% or Rs9,110.
Similarly, the Qaumi Bachat Bank has revised down the profit rate for one-year maturity to 12.96% or Rs12,960 as compared to previous 17.22% or Rs17,220.
Tax Deduction on STSC Profit Rate
The rate of tax to be deducted shall be as follows:
Filers: Persons appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 15% of the yield/profit irrespective of date of investment and amount/profit.
Non-Filers: Persons not appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 30% of the yield/profit irrespective of date of investment and amount/profit.
