Special Savings Certificates, offered by National Savings (Qaumi Bachat Bank), are tailored for small to medium-range investors seeking bi-annual returns on their investments. Introduced to meet specific investor needs, this scheme offers a unique opportunity with a three-year tenure.

Revised Profit Rates Effective July 2024

In May 2024, the government revised profit rates for various products, including Special Savings Certificates. According to the new policy:

• Profit Rates: The profit rate is set at 15.7% per annum for the first five months and increases to 16.6% per annum for the sixth month.
Advertisement

Tax Deduction Guidelines

Taxation on Special Savings Certificates follows specific guidelines:

• For Filers: Individuals listed in the Active Taxpayer List (ATL) face a withholding tax rate of 15% of the yield or profit, regardless of the investment details.
• For Non-Filers: Those not listed in the ATL are subject to a higher withholding tax rate of 30% of the yield or profit, irrespective of the investment specifics.
Advertisement

These adjustments in profit rates and tax deductions aim to balance investor returns with tax compliance. The scheme continues to offer a reliable investment option with periodic returns, catering to diverse investor needs and preferences.

Also Read

Qaumi Bachat Bank New Profit Rates for Short-Term Savings Certificates!

Qaumi Bachat Bank introduces revised profit rates for short-term savings certificates. Investors...