Keeping in view the monthly requirements of the general public, the Regular Income Certificates (RICs) with a maturity period of five years were launched on February 2, 1993.
RICs are available in the denominations of:
- 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 started from the date of issue of certificates.
All Pakistani Nationals as well as Overseas Pakistanis can purchase RICs being a single adult, a minor or two adults jointly where the payments can be received either by the both jointly (Joint-A) or any one of the holders (Joint-B). An adult can also purchase RIC on behalf of a single minor, two minors jointly or as a joint with a minor.
RIC can be purchased from any National Savings Centre (NSC), Authorized branch of a Scheduled Bank and the State Bank of Pakistan (SBP) by filling in the SC-1 (Application form), available free of cost from all the above issuing offices.
Documents Required with the Application Form
- A copy of the Computerized National Identity Card (CNIC)
- A copy of National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC)
- A copy of Form B or Child Registration Certificate (CRC) as issued by NADRA
To download application form, please click here.
RIC can be purchased by depositing cash at the Issuing Office or by presenting a cheque/ draft/ pay-order. The Certificate shall be issued immediately against the cash payment. However, in case of deposit through cheque/ draft/ pay-order, the Certificate shall be issued with effect from the date of realization of the cheque/ draft/ pay-order after receiving the clearance advice.
- Minimum: Rs. 50,000/-
- No maximum investment limits
RIC can be encashed at any time and service charges shall be deducted on the following rates: RIC can be encashed any time after issuance subject to the deduction of service charges If enchased before completion of 1, 2, 3 and 4 years from the date of issue: then 2 %,1.50%, 1%, and 0.50% service charges of the face value shall be deducted. There will no service charges after the completion of 4 years.
The Certificates issued/ purchased/ reinvested on or after November 15, 2010 shall not be reinvested on maturity.
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.
Investment made in RIC is exempted from Zakat deduction.