Sarwa Islamic Term Account
All Pakistani Nationals, Overseas Pakistanis can purchase Sarwa Islamic Term Account “SITA”.
Maturity period of SITA is 01,03 & 05 years.
Profit is payable on maturity in case of 1 Year SITA, Half yearly in Case of 3-Years SITA and Monthly in case of 5-years SITA.
SITA can be purchased by depositing cash/cheque/ draft/ pay-order at the Issuing Office.
Yes, minimum deposit limit is Rs. 50,000/- but no limit in maximum investment.
You can Withdraw SITA at any time after the date of purchase. However, in case of withdrawal before maturity, Profit will be payable at the average rate of SISA for the completed months. Further Service Charges would be applicable for 5 Years SITA.
Yes. SITA is exempt from Zakat however, any profit accrued/principal redeemed to SISA shall be liable for deduction of Zakat as per SISA rules.
Yes, taxes are applicable on SITA.
- Filers: Persons appearing in Active Tax Payer List (ATL), Rate of Withholding Tax (irrespective of the date of investment and amount) shall be 15% w.e.f. 01-07-2021.
- Non-Filers: Persons not appearing in Active Tax Payer List (ATL), Rate of Withholding Tax (irrespective of the date of investment and amount) shall be 30% w.e.f. 01-07-2021.
Zakat shall be collected at source as per rules.
For more details see under Product > Accounts> Sarwa Islamic Term Account.