Regular Income Certificates

Regular Income Certificates

Keeping in view the monthly requirements of the general public, this five years’ maturity scheme was launched on 2nd February, 1993. These certificates are available in the denomination of Rs.50,000/-, Rs.100,000/-, Rs.500,000/-, Rs.1,000,000/-, Rs.5,000,000/- & Rs.10,000,000/-. Profit is paid on monthly basis reckoned from the date of issue of certificates.

These certificates can be purchased by a single adult, a minor or two adults in their joint names with the options of profit payable to the holders jointly (Joint-A ) or payable to either (Joint-B). An adult can also purchase these certificates on behalf of a single minor, two minors jointly or himself/herself with a minor jointly. Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.

These certificates can be purchased from any National Savings Centre (NSC), Pakistan Post Office (PPO), authorized branches of schedules banks  and offices of State Bank of Pakistan by filling in a prescribed form called SC-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National Identity Card (CNIC) , in case of overseas Pakistanis, a photocopy of National identity card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC) or for a minor, a photocopy of Form B or child Registration Certificate (CRC) as issued by NADRA or incase of institutional investors an attested copy of NTN certificate or Institutional Registration Certificate (IRC) or in case of a foreign national, a copy of the Passport may be attached with the application form (SC-I).
To download application form , please click here.

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

The minimum investment limit is Rs.50,000/-, however, there is no maximum investment limit in this scheme.

These certificates are enchaseable any time subject to deduction of service charges at the following rates:
If enchased before completion of one year from the date of issue @ 2.00% of the face value
If enchased after 01 year but before completion of 02 years from the date of issue @ 1.50% of the face value
If enchased after 02 years but before completion of 03 years from the date of issue @ 1.00% of the face value
If encashed after 03 years but before completion of 04 years from the date of issue @ 0.50% of the face value

The certificates issued/purchased/re-invested on or after 15.11.2010 shall not be re-invested on maturity.

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 Incharge 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 Officer Incharge.

Under Section 151 of Income Tax Ordinance 2001 the rate of tax to be deducted shall be 10% of the yield or profit for Filers and 17.5% of the yield or profit paid for Non-Filers. Provided that for a non-filer, if the yield or profit paid is less than rupees five hundred thousand, the rate shall be 10%. However, the investment made in this scheme is exempt from collection of Zakat.