National Savings

Special Savings Account

Product Highlights

Category

Accounts

Product Nature

Account

Beneficiaries

General Public

Mode of Investment

Cheque, Cash, Draft & Pay Order

Maturity

3 Years

Investment Limit

Min 500 - Max No limit

Profit Payment Frequency

Bi Annually

This investment scheme was launched in February 1990 with a maturity period of three years where the profit is paid on the completion of each period of six months or on completion of three years, as the case may be.

Who Can Invest?

Special Savings Account can be opened by a Pakistani National as well as a Overseas Pakistanis being an individual in his/ her name or in the name of minor(s) dependent on him/ her or by two individuals jointly in their names.

How to Invest?

Special Savings Account (SSA) can be opened at any National Savings Centre (NSC) by filling in the DA-1 Form, available free of cost from all the above 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.
Mode of Deposit

The SSA can be opened by depositing cash/cheque/ draft at the issuing office. The Passbook and Withdrawal Slip shall be issued immediately against the cash payment. However, in the case of deposit through cheque the Account shall be opened from the date of realization of the cheque/draft after the receiving of clearance advice.

Investment Limit
  • Minimum: Rs.500/-
  • No maximum investment limits
  • Deposits are required to be made in multiples of Rs.500/-
Withdrawal of Deposit

The amount can be withdrawn at any time after the date of deposit. However, no profit is payable in case the withdrawals are made before completion of 6 months of such deposit and issue/purchase/re-invested on or after July 01, 2017 shall not be re-invested on maturity. Moreover, the amount of withdrawal shall be multiples of Rs 500/- and shall not reduce the balance to less than Rs 500/-.

Rate of Return/Profit rates
Tax & Zakat

The rate of tax is deducted 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 collected at source as per rules at the time of withdrawal of principle amount.