National Savings

Savings Account

Product Highlights

Categories

Accounts

Product Nature

NatureAccount

Beneficiaries

Small Savers

Mode of Deposite

CertificaCash & Chequetes

Withdrawals

3 / week Max

Investment Limit

100 Min - No limit Max

Savings Account (SA) is the oldest/primeval offering of the National Savings with a product design to encourage the small savers to invest in a way that helps them meet their day-to-day financial needs. Savings Account gives a great facility to its investor for withdrawing the amount deposited three times a week.

Who Can Invest?

The Savings Account can be opened by Pakistani Nationals as well as Overseas Pakistanis being a single adult or two adults jointly where the payments can be received either by the both jointly (Joint-A) or any one of the account holders (Joint-B). An adult can open a Savings Account on behalf of any minor under his/ her guardianship.

How to Invest?

The Savings Account can be opened at any National Savings Centre (NSC) by filling in the DA-I (Application Form), available free of cost from the above-mentioned issuing offices.

Documents Required with the Application Form

Adult Pakistanis

  • A copy of the Computerized National Identity Card (CNIC)

Overseas Pakistanis

  • A copy of National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC)

Minor

  • A copy of Form B or Child Registration Certificate (CRC) as issued by NADRA

To download application form in editable Adobe Acrobat format, please click here.

Mode of Deposit

The Savings Account can be opened by depositing cash/ cheque/ draft/ pay-order at any National Savings Centre (NSCs). 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 of the realization of such cheque/ draft/ pay-order after receipt of realization advice.

Investment Limit
  • Minimum: Rs.100/-
  • No maximum investment limit
  • One Account can be opened by one person at an office of issue
Withdrawal of Deposit

The deposits can be withdrawn any time following the date of the deposit. However, investor can withdraw his amount thrice a week.

Rate of Return/Profit rates

Profit in the Savings Account is credited on 30th June every year and is calculated  by adding together the minimum balances between the close of 6th day and end of each month and by working out profit for one month on the total amount at the prescribed rates.

For rates click here.

Tax & Zakat

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

  • Filers: Persons appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 15% of the yield/profit irrespective of date of investment and amount/profit.
  • Non-Filers: Persons not appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 30% of the yield/profit irrespective of date of investment and amount/profit.
  • Zakat is applicable as per rules.