ISLAMABAD – The National Savings or Qaumi Bachat Bank recently revised down the profit rate on Special Savings Certificates, after decrease in inflation rate in the country.
The Pakistani government launched the Special Savings Certificates with an aim to cater the needs and demands of small and medium range investors with a unique investment opportunity of bi-annual returns on their investments.
With a tenure of three years, the investment offer is for the general public. Profit is paid to the investors on the completion of each period of six months.
The government has revised the profit rate in mid-September, decreasing profit on various products.
Special Savings Certificates Profit Rate from Oct 2024
As per the revised policy, the profit rate for Special Savings Certificates for first five months has been fixed at 15.20 percent while it will be 16.20% for the sixth month.
Profit No 1 to 5 15.20% per annum
Profit No 6 (Last) 16.20% per annum
Tax Deduction
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.
