Qaumi Bachat Bank’s Short Term Savings Certificates profit rate Feb 2024

• Qaumi Bachat Bank provides short-term funding for investors.
• STSCs have maturity periods of three months, six months, and one year.
• Both Pakistani nationals and overseas Pakistanis can purchase these certificates.

In July 2012, Qaumi Bachat Bank, also known as National Savings Centre, launched the Short Term Savings Certificates (STSCs) program to fulfill investors’ short-term funding requirements. The profit rates for these savings certificates were updated in January 2024.

STSCs have maturity periods of three months, six months, and one year, making them pledgeable investments.

Both Pakistani nationals and Overseas Pakistanis, whether single adults, minors, or two adults jointly, can purchase these certificates. Payments can be received jointly by both holders (Joint-A) or by any one of the holders (Joint-B).

Investors can deposit a minimum of Rs10,000 in this category, with no maximum limit imposed.

Short Term Savings Certificates Profit Rate 2024

The profit rate for Short Term Savings Certificates with a three-month maturity is 20.28 percent, equivalent to Rs5,070 per Rs100,000 invested.

The profit rate for the six-month maturity category is 20.3 percent, or Rs10,150 per Rs100,000 invested. Likewise, for Short Term Savings Certificates with a one-year maturity, Qaumi Bachat Bank offers a profit rate of 20.34 percent, amounting to Rs20,340 per Rs100,000 invested.

The rate of tax to be deducted shall be as follows:

For investors listed in the Active Tax Payer List (ATL), the rate of withholding tax is fixed at 15% of the yield or profit, regardless of the investment date or profit amount.

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For non-filers, individuals not listed in the Active Tax Payer List (ATL), the rate of withholding tax is set at 30% of the yield or profit, regardless of the investment date or profit amount.

Investments made in STSCs are exempt from Zakat collection.