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National Savings Organization

ABOUT US

The history of National Savings Organization dates back to the year 1873 when the Government Savings Bank Act, 1873 was promulgated. During the first world war, the British Government introduced several Schemes for collection of funds to meet the expenditure. It was in this context that the Post Office Cash Certificates and, during the second world war, Post Office Defence Savings Certificates were floated. The need to setup a separate agency was felt and a National Savings Bureau was established in 1943- 44 as an attached department of the Ministry of Finance of the undivided Government of India. The department was headed by National Savings Commissioner with the status of a Joint Secretary. At that time the main functions of the Savings Department were to initiate all policy matters and issue directives for the execution of policy decisions of the Central Government, and to review the Savings Schemes from time to time. Gradually, Savings Organization were established in almost all the Provinces of the sub-continent with the objective of popularizing the Savings Schemes among the masses as well as to supervise, guide and control the working of authorized agents under their jurisdiction. The agents, who were appointed by the local authorities. They were paid commission @ 2 1/2 on the investment secured by them. These authorized agents were in those days the only agency for securing investment in terms of Savings Certificates from the general public. In nutshell the central agency viz. National Savings Bureau, Simla, was mainly concerned with the policy and planning matters of the Savings Schemes whereas the responsibility of execution of various Savings Schemes vested with Provincial authorities .

At the time of Independence there was no time for any sort of innovations in the field of administration. Thus an organization with the name of 'Pakistan savings Central Bureau' was created and the Savings work was entrusted to it by the Government of Pakistan, but this Bureau had its own peculiarities. The Pakistan Savings Central Bureau had no independent entity and was not given the same status as enjoyed by Savings Bureau, Simla. The head of the Pakistan Savings Central Bureau was then called Central National Savings Officer, a Junior Officer of the Ministry of Finance with the status of an Under Secretary to the Government of Pakistan. He was assisted by a Superintendent having some auxiliary staff. In 1953, the Pakistan Savings Control Bureau was re-named as Central Directorate of National Savings and it carried out the functions on the lines of National Savings Bureau Simla but as a part and parcel of the Finance Division, Central Directorate of National Savings was only responsible for publicity, and the operative agents were the Provincial Governments as well as Pakistan post Offices. However, the entire expenditure in this regard was borne by the Central Government. Such an arrangement created a large number of administrative difficulties and stunted the growth of savings. In view of these difficulties the Central Directorate of National Savings was given the status of an Attached Department in September, 1960, and was made responsible for all policy matters and execution of various National Savings Schemes.

Subsequently, it was also declared a Technical Department by the Government. The Director General, National Savings (BPS-20) now enjoys full powers of a Head of the Department.

Till December, 1971, the National Savings Organization functioned as a Publicity organization and its activities were merely promotional in nature. But in early 1972, the scope of its activities was enlarged as the Central Directorate started selling II-Rupee

Prize Bonds, and subsequently engaged in the operations of other savings schemes. This resulted in considerable expansion of the National Savings Organization.

At present, this Organization has a total sanctioned strength of 3377 employees in various grades and its main component units are as under:

  • a. Central Directorate of National Savings, Islamabad.

  • b. Directorate of Inspection and Accounts, Islamabad.

  • c. Training Institute of National Savings, Islamabad alongwith a sub-Training Institute at

Karachi.

  • d. 12 Regional Directorates (located at Peshawar, Abbottabad, Islamabad, Gujranwala,

Lahore, Faisalabad, Multan, Bahawalpur, Sukkur, Hyderabad, Karachi, Quetta)

  • e. 367 National Savings Centers spread throughout the country.

DEFENCE SAVINGS CERTIFICATE [Profit Rates]

The Government of Pakistan introduced Defence Savings Certificate scheme in the year 1966. The scheme has specifically been designed to meet the future requirements of the depositors. This is 10 years' maturity scheme with built in feature of automatic reinvestment after the maturity. These certificates are available in the denominations of Rs.500, Rs.1000, Rs.5,000, Rs.10,000, Rs.50,000, Rs.100,000, Rs.500,000 and

Rs.1,000,000/=.

Who Can Invest .

These certificates can be purchased by a single adult, a minor, two adults in their joint names with the options of payable to the holders jointly (Joint-A ) or payable to either (Joint-B). An adult can also purchase these certificates on behalf of a single minor, two minors jointly or himself/herself and a minor jointly.Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.

How To Purchase.

These certificates can be purchased from any National Savings Centre (NSC), Pakistan Post Offices (PPO), Authorized branches of Scheduled Banks and State Bank of

Pakistan (SBP) by filling in a prescribed form called SC-1, which is available at all the

above offices of issue free of cost.

A copy of the Computerized National Identity

Card (CNIC) or in case of a foreign national, a copy of the Passport is required to be

Mode of Deposit.

These certificates can be purchased by depositing cash at the issuing office or by presenting a cheque. The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque the certificates shall be issued from the date of realization of the cheque after receipt of the clearance advice.

What Is The Investment Limit.

The minimum investment limit is Rs.500/-, however, there is no maximum investment limit in this scheme.

What About Redemption.

These certificates are encashable at par any time after the date of purchase. However, no profit is payable if encashment is made before completion of one year.

Further, certificates purchased on or after 15-11-2010 can not be automatically reinvested. However, other better options are available for investment in National Savings Schemes.

NOTE:

The encashment of certificate(s) may be allowed through a person duly authorized (in

writing) by the investor on an authority letter under his / her signature provided

that:--

(a). the signatures of the authorized person are attested by the investor on the letter of authority;

(b). the Officer Incharge of the NSC is personally satisfied that the authorized person is genuine and the certificate(s) is / are properly discharged under genuine signatures and both the signatures i.e. on the back of the certificate(s) and the letter of authority tally 100% with the specimen on the investor available on the record.

(C). The receipt of the amount is got acknowledged from the authorized person on the reverse of certificate(s) personally by the Centre Incharge.

What is the return.

In this scheme the profit is paid on maturity or encashment for completed years. Every Rs.100,000/- will become Rs.105,000/-, Rs.111,000/-, Rs.118,000/-, Rs.126,000/-, Rs.135,000/-, Rs.146,000/-, Rs.160,000/-, Rs.178,000/-, Rs.204,000/- and Rs.240,000/- on completion of 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10 years, respectively. These rates are effective from 1st August, 2015. The average compound rate of return on maturity presently works to 9.15% p.a. For any other time period rates table is also available on website.

Tax & Zakat Status.

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 15% 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.

SPECIAL SAVINGS CERTIFICATES (REGISTERED) [Profit Rates] Keeping in view the periodic needs of depositors, this three years' maturity scheme was introduced in February, 1990. These certificates are available in the denomination of Rs.500, Rs.1000, Rs.5,000, Rs.10,000, Rs.50,000, Rs.100,000, Rs.500,000 and Rs.1,000,000. Profit is paid on the completion of each period of six months.

Who Can Invest .

These certificates can be purchased by a single adult, a minor, two adults in their joint

names with the options of payable to the holders jointly (Joint-A ) or payable to either (Joint-B). An adult can also purchase these certificates on behalf of a single minor, two minors jointly or himself/herself and a minor jointly. Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.

How To Purchase.

These certificates can be purchased from any National Savings Centre (NSC), Pakistan Post Office (PPO), Authorized branches of Scheduled Banks branches and the offices of State Bank of Pakistan (SBP) by filling in a prescribed form called SC-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National Identity Card

(CNIC) or in case of a foreign national, a copy of the Passport is required to be attached with the application form. To download application form in editable Adobe Acrobat format, please click here.

Mode of Deposit.

These certificates can be purchased by depositing cash at the issuing office or by presenting a cheque. The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque the certificates shall be issued from the date of realization of the cheque after receipt of

the clearance advice.

What Is The Investment Limit.

The minimum investment limit is Rs.500/-, however, there is no maximum investment limit in the scheme.

What About Redemption.

These certificates are encashable at par any time after the date of

purchase. However, no profit is payable if the encashment is made before completion of six months. Further, certificates purchased on or after 15-11-2010 can not be automatically reinvested. However, other better options are available for investment in National Savings Schemes.

NOTE:

The encashment of certificate(s) may be allowed through a person duly

authorized (in writing) by the investor on an authority letter under his / her signature provided that:-- (a). the signatures of the authorized person are attested by the investor on the letter of authority; (b). the Officer Incharge of the NSC is personally satisfied that the authorized person is genuine and the certificate(s) is / are properly discharged under genuine signatures and both the signatures i.e. on the back of the certificate(s) and the letter of authority tally 100% with the specimen on the investor available on the record. (C). The receipt of the amount is got acknowledged from the authorized person on the reverse of certificate(s) personally by the Centre Incharge.

What Will I Get As Profit.

At prevailing rates, the profit is paid @ 7.40% p.a. for 1st five profits and @

8.80% p.a. for the last profit. 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.

Tax & Zakat Status.

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 15% 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%. Zakat is collected at source as per rules.

REGULAR INCOME CERTIFICATES [Profit Rates]

Keeping in view the monthly requirements of the general public, this five years' maturity scheme was launched on 2nd February, 1993. These certificates are available in the denomination of Rs.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 reckoned from the date of issue of certificates.

Who Can Invest .

These certificates can be purchased by a single adult, a minor or two adults

in their joint names with the options of payable to the holders jointly (Joint- A ) or payable to either (Joint-B). An adult can also purchase these certificates on behalf of a single minor, two minors jointly or himself/herself and a minor jointly.Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.

How To Purchase.

These certificates can be purchased from any National Savings Centre (NSCs) or from Pakistan Post Office (PPO) by filling in a prescribed form

called SC-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National Identity Card (CNIC) or in case of a foreign national, a copy of the Passport may be attached with the application form (SC-I). To download application form in editable Adobe Acrobat format, please click here.

Mode of Deposit.

These certificates can be purchased by depositing cash at the issuing office or by presenting a cheque. The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque the certificates shall be issued from the date of realization of the cheque after receipt of the clearance advice.

What Is The Investment Limit.

The minimum investment limit is Rs.50,000/-, however, there is no maximum investment limit in this scheme.

What About Redemption.

These certificates are encashable any time subject to deduction of service

charges at the following rates:

if encashed before completion of one year from the date of issue.

@ 2.00% of the face value

if encashed after one year but before completion of 02 years from the date of issue.

@ 1.50%

of the face value

if encashed after two years but before completion of 03 years from the date of issue.

@ 1.00%

of the face value

if encashed after three years but before completion of 04 years from the date of issue.

@ 0.50%

of the face value

Further, certificates purchased on or after 15-11-2010 can not be automatically reinvested. However, other better options are available for investment in National Savings Schemes.

NOTE:

The encashment of certificate(s) may be allowed through a person duly authorized (in writing) by the investor on an authority letter under his / her signature provided that:-- (a). the signatures of the authorized person are attested by the investor on the letter of authority; (b). the Officer Incharge of the NSC is personally satisfied that the authorized person is genuine and the certificate(s) is / are properly discharged under genuine signatures and both the signatures i.e. on the

back of the certificate(s) and the letter of authority tally 100% with the specimen on the investor available on the record. (C). The receipt of the amount is got acknowledged from the authorized person on the reverse of certificate(s) personally by the Centre Incharge.

What is the return.

At the prevailing rates monthly profit of Rs.710/- (including withholding tax) is paid on investment of each Rs.100,000/-. This way the profit rate works to 8.52% p.a. However, the facility of automatic reinvestment of profit to

earn further profit is not available in this scheme.The monthly profit, if not drawn on due date shall not earn further profit.

Tax & Zakat Status.

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 15% 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%. However, the investment made in this scheme is exempt from collection of Zakat.

BAHBOOD SAVINGS CERTIFICATES [Profit Rates]

Keeping in view the hardships faced by the widows and senior citizens, this ten years' maturity scheme was launched by the Government on 1st July, 2003. Initially the scheme was meant for widows only, however, the Govt. later decided to extend the facility for senior citizens aged 60 years and above with effect from 1st January, 2004. These certificates are available in the denominations of Rs.5,000/-, Rs.10,000/-, Rs.50,000/-, Rs.100,000/-, Rs.500,000 and 10,00000/-. Profit is paid on monthly basis reckoned from the date of purchase of the certificates.

Who Can Invest .

A certificate may be purchased by any of the following Citizen of Pakistan,

namely:-

  • (a) A senior citizen aged sixty year or above: and

  • (b) A single widow so long as she does not re-marry, and

  • (c) two eligible persons as in clause (a) and (b) in their joint names:

payable to the holders jointly or payable to either with the written consent of

the other (Joint class-A); and Payable to either (Joint class-B)

How To Purchase. These certificates can only be purchased from the National Savings Centre (NSCs) by filling in a prescribed form called SC-1, which is available at the

offices of issue free of cost. For senior citizens, a copy of the Computerized National Identity Card (CNIC)/National Identity Card for Overseas Pakistanis (NICOP) and for widows besides CNIC/NICOP, a copy of death certificate of husband duly issued from concerned department and undertaking on stamp paper being still widow duly attested by Notary Public/Oath Commissioner under his seal and stamp. To download application form in editable Adobe Acrobat format, please click here.

Mode of Deposit.

The certificates can be purchased by depositing cash at the issuing office or by presenting a cheque. The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque the certificates shall have the effect from the date of realization of the cheque after receipt of the clearance advice.

What Is The Investment Limit.

The minimum investment limit in this scheme is Rs.5,000/- and multiple thereof, whereas, the maximum limit of investment for a single investor is

Rs. 4 million and for Joint investor (Category A or B) is Rs.8 million. However, under no circumstances the investment beyond the prescribed limit is allowed, no matter such investment is under single or multiple registration, made on a single or different dates, is being maintained in a single or different National Savings Centers throughout Pakistan. In case, any such investment beyond the prescribed limit is pointed out at any stage, shall be treated as irregular abinitio and encashed immediately with zero profit. Further any amount of profit already collected/due thereon, shall be liable to be recovered/ deducted from the certificates holder/recipient of profit/ deposited amount, as the case may be.

After death of Purchaser(s).

In the event of death of purchaser(s) in case, the nominee is not eligible

investor as mentioned under the heading "who can invest" no profit reckoned from the date of death of the purchaser(s) shall be paid except payment of the deposited amount/face value/ principal deposit. However, in case, where nominee is eligible to invest in BSCs, the certificate shall be transfer to his/her name, who would be entitled for rate of profit as was

being paid to its original purchaser, provided there is no legal case or order of court of law issued against it.

What About Redemption.

The certificates can be encashed any time after issuance subject to

deduction of service charges at the following rates:

if encashed before

completion of 01 year from the date of purchase.

@ 1.00% of the face value

if encashed after one year but before completion of 02 years from the date of purchase.

@ 0.75% of the face value

if encashed after two years but before completion of 03 years from the date of purchase.

@ 0.50% of the face value

if encashed after three years but before completion of 04 years from the date of purchase.

@ 0.25% of the face value

if encashed after completion of 04

No service

charges

years Further, certificates purchased on or after 15-11-2010 cannot be

automatically reinvested. However, other better options are available for investment in National Savings Schemes.

NOTE:

The encashment of certificate(s) may be allowed through a person duly authorized (in writing) by the investor on an authority letter under his / her signature provided that:-- (a). the signatures of the authorized person are attested by the investor on the letter of authority; (b). the Officer Incharge of the NSC is personally satisfied that the authorized person is genuine and the certificate(s) is / are properly discharged under genuine signatures and both the signatures i.e. on the back of the certificate(s) and the letter of authority tally 100% with the specimen on the investor available on the record. (C). The receipt of the amount is got acknowledged from the authorized person on the reverse of certificate(s) personally by the Centre Incharge.

What is the return ..

At the prevailing rates monthly profit of Rs.920/- is paid on investment of each Rs.100,000/-. This way the profit rate works to 11.04% p.a. Automatic reinvestment of profit facility to earn further profit is not admissible in this

scheme at the scheme's rate. The monthly profit, if not drawn on due date shall not earn further profit.

Tax & Zakat Status.

The withholding tax is not collected on the profit earned on these

certificates. The investment made in this scheme is also exempt from Zakat.

Accounts

SAVINGS ACCOUNT [Profit Rates ] This is the oldest scheme among the National Savings instruments. The scheme has been designed to encourage the small savers and to meet their day to day

needs. This is an ordinary account and frequent withdrawals ( thrice a week) can

be made through this

account.

.

Who Can Invest .

The account can be opened by a single adult, two adults in their joint

names with the options of payable to the holders jointly (Joint-A ) or payable to either (Joint-B), any minor of whom he is a guardian.Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc. How To Invest. These account can be opened at any National Savings Centre (NSCs) and Pakistan Post Office (PPO) by filling in a prescribed form called DA-1, which

is available at all the above offices of issue free of cost. A copy of the Computerized National Identity Card (CNIC) 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.

Mode of Deposit.

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.

What Is The Investment Limit.

The minimum investment limit is Rs.100/- in the scheme with no maximum limit. However, only one account can be opened by person at an office of issue.

What About Withdrawal .

The deposits can be withdrawn any time from the date of deposit. However,

there is a limit of three withdrawals within a week's time.

Note:

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.

What is the Return.

Profit in this account is credited on 30th June every year and is worked out

on the lowest balance of an account between the close of the sixth day and end of the month. The current rate of profit is 4.75% p.a.

Tax & Zakat Status.

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 15% 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%. Zakat is also applicable as per rules.

SPECIAL SAVINGS ACCOUNT [ Profit Rates]

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.

Who Can Invest .

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. How To Invest. These accounts can be opened at any National Savings Centre (NSCs) and Pakistan Post Office (PPO) by filling in a prescribed form called DA-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.

Mode of Deposit.

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.

What Is The Investment Limit.

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/-.

When Can I Withdraw my deposits.

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.

Note:

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.

What Will I Get As Profit.

At the prevailing rates the profit is paid @ 7.40% p.a. for 1st five profits and the last profit @ 8.80% 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.

Tax & Zakat Status.

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 15% 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.

PENSIONERS BENEFIT ACCOUNT (Profit Rates) Keeping in view the hardships faced by the pensioners, this ten years' maturity scheme was launched by the Government on 19th January, 2003. The deposits are maintained in the form of accounts and the

profit is paid on monthly basis reckoned from the date of opening of the account.

Who Can Invest . The pensioners of Federal Government, Provincial Governments, Government of Azad Jammu & Kashmir, Armed Forces, Semi Government and Autonomous bodies and in case of death Pensioner's eligible member of the family are allowed to invest. How To Open an Account. These accounts can only be opened at the National Savings Centre (NSCs) by filling in a prescribed form called DA-1, which is available at

the offices of issue free of cost. A copy of the Computerized National Identity Card (CNIC)/NICOP and the copy of Pension Payment Order may be attached with the application form. To download application form in editable Adobe Acrobat format, please click here.

Mode of Deposit.

The account can be opened by depositing cash at the issuing office or by presenting a cheque. The account shall immediately be opened on receipt of cash. However, in case of deposit through cheque the account shall be opened with effect from the date of realization of the cheque after receipt of the clearance advice.

What Is The Investment Limit.

The minimum investment limit is Rs.10,000/-, whereas, the maximum limit is Rs.4,000,000/-. An investor can invest only five subsequent deposits in the account. However, under no circumstances more than,

(i) six operative units, (ii) prescribed limit of investment i.e. Rupees four million (iii) one account all over Pakistan at a time is allowed to be maintained. In case of breach of any of above said condition, such account shall be treated as irregular with zero profit. Already collected due amount of profit thereon would be irregular and shall be liable to be recovered/deducted from the account holder/recipient of profit deposited amount.

After Death of Account Holder:.

In the event of death of account holder, if the nominee(s) is not eligible member of the family, he/she/they would be entitled to profit @ prevailing rate of Savings Account for a maximum period of three months reckoned from the date of death of the holder or withdrawal of amount by the nominee whichever is earlier. However, if nomination is among the eligible members of the family, the account shall be transferred to his/her name by fulfilling the codal formalities and after transfer he/she shall be entitled to receive earn profit at the rates as were being earned by its original holder provided there is no litigation in court or order issued otherwise from the court of law.

What About Withdrawal.

The deposits can be withdrawn any time after date of deposit subject to deduction of service charges at the following rates:

if withdrawn before completion of one year from the date of deposit.

@1% of the principal amount

if withdrawn after one year but before completion of 02 years from the date of deposit.

@0.75% of

the principal

amount

if withdrawn after two years but before completion of 03 years from the date of deposit.

@0.5% of

the principal

amount

if withdrawn after three years but before completion of 04 years from the date of deposit.

@0.25% of

the principal

amount

if withdrawn after completion of 04 years from the date of deposit.

No Service

Charges

Note:

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. A receipt of the service charges so deducted, duly signed by the officer incharge and the cashier, shall be issued to the investor.

What Will I Get As Profit.

At the prevailing rates monthly profit of Rs.920/- is paid on investment

of each Rs.100,000/-. This way the profit rate works to 11.04% p.a. Automatic reinvestment of profit facility to earn further profit at the

scheme's rate is not admissible in this scheme. The facility of automatic re-investment on maturity of Deposits in PENSIONERS BENEFIT ACCOUNT is available.

Tax & Zakat Status.

The withholding tax is not collected on the profit earned on the deposits

made in this scheme. The investment made in the scheme is also exempt from Zakat.

if withdrawn before completion of one year from the date of deposit. @1% of the principal