This is the oldest scheme among the National Savings instruments. The scheme has been designed to encourage the small savers and to meet their day to day needs. This is an ordinary account and frequent withdrawals ( thrice a week) can be made through this account.
The account can be opened by Pakistani National as well as Foreign National being a single adult, two adults in their joint names with the options of payable to the holders jointly (Joint-A ) or payable to either (Joint-B), on behalf of any minor of whom he is a guardian. Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.
This account can be opened at any National Savings Centre (NSC) and Pakistan Post Office (PPO) by filling in a prescribed form called DA-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.
To download application form in editable Adobe Acrobat format, please click here.
The account can be opened by depositing cash / cheque / draft / pay-order at National Savings Centres (NSCs) / Pakistan Post Office (PPOD). However, in case of deposit through cash, the account shall be opened immediately on the same date, whereas, in case of deposit through cheque / draft / pay-order, the account shall be opened from the date realization of such cheque / draft / pay-order after receipt of realization advice.
The minimum investment limit is Rs.100/- in the scheme with no maximum limit. However, only one account can be opened by person at an office of issue.
The deposits can be withdrawn any time from the date of deposit. However, there is a limit of three withdrawals within a weeks time.
Payment from accounts may be allowed through a person duly authorized (in writing) by the investor on authority letter under his signatures provided that:-
(a). The signatures of the authorized person are also attested by the investor on the letter of authority;
(b). The Centre Incharge is personally satisfied that the authorized person is genuine and the Withdrawal Slip and the letter of authority bear genuine signatures of the investor;
(c). The receipt of the amount is got acknowledged from the authorized person on reverse of the withdrawal slip personally by the Officer Incharge.
(d). The monthly accrued profit may also be collected through the scheduled banks by depositing duly filled in & signed profit coupon in the bank account of investor concerned.
Profit in this account is credited on 30th June every year and is worked out on the lowest balance of an account between the close of the sixth day and end of the month.
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%. Zakat is also applicable as per rules