National Savings – Dispatch News Desk

GeneralNational Savings - Dispatch News Desk

All You Need To Know About National Savings

Everyone who is earning from the private sector is concerned about the future of their children and they think of different ways through which they can save a good deal so that whenever there is no job, they wouldn’t be having trouble in fulfilment of needs rather they can utilize the funds from the amount they saved earlier. National Savings Certificate is an easy way to invest with maximum return.

In Pakistan, the rate of job insecurity is very high and due to this matter, everyone manages to save as much as possible to avoid a financial crisis. The National Savings Bank has made it even better with an opportunity to save as much as you want and gain profit for that amount you will be depositing/investing. Just like any other bank account, you have to open a saving account here in National Savings Bank and deposit the amount.


Who Can Invest in National Savings?

The Savings Account can be opened by Pakistani Nationals as well as Foreign Nationals 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). Moreover, if you want to open an account with the name of anyone of your children, you can open it on behalf of any minor under his/ her guardianship. Apart from that, there are some institutions which may also invest for their employees’ such as a pension, gratuity, superannuation, contributory provident fund and trusty fund etc.

How to Invest Amount in National Savings?

A very few people exactly know the process of investing in National Savings so here we have explained it thoroughly for your ease:

The Savings Account can be opened at any National Savings Centre (NSC) and Pakistan Post Office (PPO) by filling in the DA-I (Application Form), which is available free of cost from all issuing offices.

You need to attach the following documents with the Application Form.

  • For adult Pakistanis, a copy of the Computerized National Identity Card (CNIC)
  • For Overseas Pakistanis, a copy of National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC)
  • For minor age individual, a copy of Form B or Child Registration Certificate (CRC) as issued by NADRA
  • For Institutional Investors, an attested copy of the NTN Certificate or Institutional Registration Certificate (IRC).
  • For Foreign Nationals, a copy of the Passport is required.
  • You can download Application Form from the official website of National Savings to save time.

qoumi bachat

What are the Modes of Deposits?

The Savings Account can be opened by depositing cash/ cheque/ draft/ pay-order at any National Savings Centre (NSCs) or Pakistan Post Office (PPO). However, in case if you are going to deposit cash, the Account shall be opened immediately on the same date, whereas, in case of deposit through cheque/ draft/ pay-order, the Account shall be opened from the date of the realization of such cheque/ draft/ pay-order after receipt of realization advice.

How Much You Need to Deposit In National Saving?

You will be surprised to learn about the convenience offered by National Savings that you can open a savings account with a minimum of Rs. 500/- and there is no maximum deposit limit. You should know that one account can be opened by one person only at an issuing office.

What to do For the Withdrawal of Deposit?

If in case you want to withdraw your amount of deposit from national savings, you can do it anytime following the date of deposit with all convenience. Moreover, an investor has the facility to withdraw amount thrice a week.

What is the Profit Rate On National Saving?

Profit in the National 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 & Zakat Deduction Process

The investor should be clear about the terms and conditions before opening a savings account that the tax and zakat deduction will be made applicable. The rate of tax to be deducted as follows:

  • Filers: In case the payable profit is Rs 500,000/- or above, the rate shall be 15% on such profit. However, in the case of profit is less than Rs 500,000/- the rate of WHT shall be 10% of the yield/profit.
  • Non-Filers: In case the payable profit is Rs 500,000/- or above, the rate shall be 30% on such profit. However, in the case of profit is less than Rs 500,000/- the rate of WHT shall be 15% of the yield/profit.
  • Zakat is applicable as per rules.

What is Pensioners Benefit Account?

Apart from the simple saving facility for the investors, there is another opportunity of having Pensioners Benefit Account. With the consideration of hardships faced by the pensioners to help them in having a regular source of income even after their retirement, the Government of Pakistan has launched Pensioners’ Benefit Account (PBA). The deposits are maintained in the form of accounts and the profit is paid every month started from the date of opening of the account/ deposit.

Who Can Invest for Pensioners Benefit Account?

This account is specifically for the pensioners of Federal Government, Provincial Governments, Government of Azad Jammu & Kashmir, Armed Forces, Semi-Government and Autonomous bodies and in case of the death of a pensioner their eligible family member can also invest in the account.

How to Open Pensioners Benefit Account?

For the ones who want to open Pensioners Benefit Account, they should know that only one account can be opened at a time at any of the National Savings Centre (NSC) across Pakistan, Azad Kashmir and Gilgit Baltistan, by filling in DA-I (Application Form), available free of cost from NSCs.

The documents you will need to provide along with the Application Form are as follows:

  • Attested copy of the Computerized National Identity Card (CNIC)/NICOP and the copy of Pension Payment Order or any document as a proof of Retirement/ Golden Hand Shake/ Voluntary Separation Schemes etc. as the case may be, are required to be attached with the Application Form.

Modes of Deposits for PBA

The PBA can be opened by depositing cash at the issuing office or by presenting a cheque/ draft/ pay order. As soon as you will pay the amount, the Account shall be opened immediately. However, in the case of deposit through cheque/ draft/ pay-order, the Account shall be opened with effect from the date of realization of the cheque/ draft/ pay-order after receiving the clearance advice.

Investment Limit for PBA

For Pensioners Benefit Account, the minimum investment is Rs. 10,000/-, whereas the maximum limit is Rs. 5,000,000/-

An investor can invest only seven subsequent deposits in the account

The following are not allowed under any circumstances:

1) More than eight deposits

2) Exceeding the prescribed limit of investment i.e. Rs. 5,000,000/-

3) More than one account across Pakistan at a time.

In case of the violation of any of the above conditions, the Account shall be treated as irregular with zero profit. Any amount of profit already collected thereon would be irregular and shall be liable to be recovered/deducted from the account holder/recipient of profit/ deposited amount.

Process of Withdrawal of Deposit

Withdrawal from the principal amount shall be in multiples of rupees one thousand. The deposits can be withdrawn any time after the date of deposit subject to deduction of service charges. If the deposit is withdrawn before completion of 1,2, 3 and 4 years from the date of deposit then 1%, 0.75%, 0.5%, and 0.5% respectively of the principal amount will be deducted.

Rate of Return/Profit

The continued re-investment option on the maturity of deposits in PBA is available. However, the profit rates on the date of reinvestment will apply to such re-invested amount.

Tax & Zakat Deduction

The withholding tax is not collected on the profit earned on the deposits made in PBA. The investment made in the PBA is also exempted from Zakat.


Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Petrol Price in Pakistan Today – 1 March 2024

New Prices of Petroleum Products in Pakistan for March 1-15, 2024Petrol: Rs 279.75 per litre (increase by Rs 4.13) High-Speed Diesel: Rs 287.33...

Forging Change: Breaking Barriers Through Diversity and Inclusivity Conference Makes Strides for Gender-Inclusive Solutions

ISLAMABAD, Pakistan: Pakistani and international participants on Thursday concluded a four-day conference dedicated to driving gender-inclusive solutions to the world's most pressing challenges including...

Interbank Dollar Rate Today in Pakistan – 29 February 2024

Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for February 29,...
Infinix Note 8i Price in Pakistan

Infinix Note 8i Price in Pakistan – 2024

Infinix Note 8i is a smartphone of the Infinix Note series with great features and performance. Infinix smartphone enthusiasts are eager to know Pakistan's...

AUD to INR: Australian Dollar to Indian Rupee Today – 29 February 2024

The Australian Dollar (AUD) was trading at 54.03 as per the Indian Rupee (INR) on Thursday.Currently, Indians are now the second-largest migrant group in...