Behbood Savings Certificates

Behbood Savings Certificates

Keeping in view the hardships faced by the widows and senior citizens, this ten years’ maturity scheme was launched by the Government on 1st July, 2003. Initially the scheme was meant for widows only, however, the Govt. later decided to extend the facility for senior citizens aged 60 years and above with effect from 1st January, 2004. These certificates are available in the denominations of Rs.5,000/-, Rs.10,000/-, Rs.50,000/-, Rs.100,000/-, Rs.500,000 and 10,00000/-. Profit is paid on monthly basis reckoned from the date of purchase of the certificates.

A certificate may be purchased by any of the following Citizen of Pakistan, namely:-
(a) A senior citizen aged sixty year or above: and
(b) A single widow so long as she does not re-marry, and
(c) two eligible persons as in clause (a) and (b) in their joint names:
payable to the holders jointly or payable to either with the written consent of the other (Joint class-A); and
Payable to either (Joint class-B)

These certificates can only be purchased from the National Savings Centre (NSCs) by filling in a prescribed form called SC-1, which is available at the offices of issue free of cost. For senior citizens, a copy of the Computerized National Identity Card (CNIC)/National Identity Card for Overseas Pakistanis (NICOP) and for widows besides CNIC/NICOP, a copy of death certificate of husband duly issued from concerned department and undertaking on stamp paper being still widow duly attested by Notary Public/Oath Commissioner under his seal and stamp.
To download application form in editable Adobe Acrobat format, please click here.

The certificates can be purchased by depositing cash at the issuing office or by presenting a cheque. The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque the certificates shall have the effect from the date of realization of the cheque after receipt of the clearance advice.

The minimum investment limit in this scheme is Rs.5,000/- and multiple thereof, whereas, the maximum limit of investment for a single investor is Rs. 5 million and for Joint investor (Category A or B) is Rs.10 million. However, under no circumstances the investment beyond the prescribed limit is allowed, no matter such investment is under single or multiple registration, made on a single or different dates, is being maintained in a single or different National Savings Centers throughout Pakistan. In case, any such investment beyond the prescribed limit is pointed out at any stage, shall be treated as irregular abinitio and encashed immediately with zero profit. Further any amount of profit already collected/due thereon, shall be liable to be recovered/ deducted from the certificates holder/recipient of profit/ deposited amount, as the case may be.

In the event of death of purchaser(s) in case, the nominee is not eligible investor as mentioned under the heading “who can invest” no profit reckoned from the date of death of the purchaser(s) shall be paid except payment of the deposited amount/face value/ principal deposit. However, in case, where nominee is eligible to invest in BSCs, the certificate shall be transfer to his/her name, who would be entitled for rate of profit as was being paid to its original purchaser, provided there is no legal case or order of court of law issued against it.

The certificates can be enchased any time after issuance subject to deduction of service charges at the following rates:
If enchased before completion of 01 year from the date of purchase. @ 1.00% of the face value
If enchased after one year but before completion of 02 years from the date of purchase. @ 0.75% of the face value
If enchased after two years but before completion of 03 years from the date of purchase. @ 0.50% of the face value
If enchased after three years but before completion of 04 years from the date of purchase. @ 0.25% of the face value
If enchased after completion of 04 years No service charges
Further, certificates purchased on or after 15-11-2010 cannot be automatically reinvested. However, other better options are available for investment in National Savings Schemes.
The encashment of certificate(s) may be allowed through a person duly authorized (in writing) by the investor on an authority letter under his / her signature provided that:–
(a). the signatures of the authorized person are attested by the investor on the letter of authority;
(b). the Officer In charge of the NSC is personally satisfied that the authorized person is genuine and the certificate(s) is / are properly discharged under genuine signatures and both the signatures i.e. on the back of the certificate(s) and the letter of authority tally 100% with the specimen on the investor available on the record.
(C). The receipt of the amount is got acknowledged from the authorized person on the reverse of certificate(s) personally by the Centre Incharge.

At the prevailing rates monthly profit of Rs.780/- is paid on investment of each Rs.100,000/-. This way the profit rate works to 9.36% p.a. Automatic reinvestment of profit facility to earn further profit is not admissible in this scheme at the scheme’s rate. The monthly profit, if not drawn on due date shall not earn further profit.

The withholding tax is not collected on the profit earned on these certificates. The investment made in this scheme is also exempt from Zakat.