National Savings, also known as Qaumi Bachat Bank, has revised the profit rates on its Special Savings Certificates effective from July 2024.

The new rates will be applicable for the next three-year term of the investment scheme, which is a popular product among small and medium-range investors.

According to the updated policy, the profit rate for the first five months has been set at 15.7% per annum. For the sixth and final month of the six-month profit period, the rate will be 16.6% per annum.

The government has also clarified the tax deduction rules for the Special Savings Certificates. Investors who are Active Taxpayers will have a 15% withholding tax deducted from their profits.

Non-filers, or those not in the Active Taxpayer List, will have a 30% withholding tax applied.

Read more

Govt will approach IMF after one year if expenses aren’t cut, says Kaiser Bengali

Govt will look into traders concerns over budget, says Aurangzeb

Who got tax exemption in cash-strapped Pakistan’s budget?

The Special Savings Certificates are a three-year investment scheme offered by the National Savings, allowing investors to earn bi-annual profits on their principal amount.

The latest profit rate revision is aimed at providing an attractive return to savers amidst the evolving economic conditions.