National Savings Bank’s Latest Profit Rate on Special Savings Certificates from May 2024

• The National Savings Bank reduced its profit rates for savings schemes.
• Investors under this scheme receive profit payments every six months.
• The profit rate for the first five months is 15.7%, and it increases to 16.6% for the sixth month.

The National Savings Bank, also known as ‘Qaumi Bachat Bank,’ has announced a reduction in profit rates for its various savings schemes, effective May 14, 2024.

It offers a variety of products to the public, including defense savings certificates, special savings certificates, behbood savings certificates, and short-term savings certificates.

National Savings. This scheme was introduced to meet the needs and demands of small and medium-range investors, providing a unique investment opportunity with bi-annual returns.

Special Savings Certificates: New Profit Rate from May 2024

The National Savings has revised its profit rates effective May 14, 2024, considering various factors.

Profit No. 1 to 5: 15.7% per annum

Profit No. 6 (Last): 16.6% per annum

Tax Deduction

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

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Filers, those listed in the Active Tax Payer List (ATL), will have a 15% withholding tax rate on their earnings or profits, regardless of when they invested or the amount or profit earned.

For non-filers, individuals not listed in the Active Tax Payer List (ATL), the withholding tax rate on their earnings or profits will be 30%, regardless of when they invested or the amount or profit earned.