Short Term Savings Rates

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A three years maturity scheme introduced in February, 1990. The deposits are maintained in form of an account. Profit is paid on the completion of each period of six months.

The account can be opened by an individual in his name or in the name of minor(s) dependent on him or by two individuals jointly in their names. Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.

These accounts can be opened at any National Savings Center (NSCs) and Pakistan Post Office (PPO) by filling in a prescribed form calledDA-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National Identity (CNIC) Card 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 accounts can be opened by depositing cash at the issuing office or by presenting a cheque. The passbook and withdrawal slip shall immediately be issued on receipts of cash. However, in case of deposit through cheque the account shall be opened from the date of realization of the cheque after receipt of the clearance advice.

The minimum investment limit in this scheme is Rs.500/-. There is not maximum limit, however, the deposits are required to be made in multiple of Rs.500/-.

The amount be withdrawn at par any time after the date of its deposit. However, no profit is payable in case the withdrawals are made before completion of 6 months.
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 Centre Incharge.

At the prevailing rates the profit is paid @ 5.80% p.a. for 1st five profits and the last profit @ 6.20% p.a. However, if the profit is not withdrawn on due date, it will automatically stand reinvested and would be calculated for further profit on completion of the next 06 months period. The facility of automatic re-investment on maturity of Deposits in SPECIAL SAVINGS ACCOUNT is available.

Exemption of deduction of Withholding tax has been withdrawn w.e.f 01-07-2013 on profit of investment upto Rs.150,000/-.W.e.f. 1st July,2014 the rate of tax to be deducted under Section 151 of Income Tax Ordinance 2001 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 rupees five hundred thousand or less, the rate shall be 10%.. The Zakat is collected at source as per rules at the time of withdrawal of principle amount. However, Zakat is not collected in case of reinvestment.