Qaumi Bachat Bank Defense Savings Certificates expected profit rate from July 2024; Details inside

Islamabad: National Savings or Qaumi Bachat Center last revised the profit rate on Defense Savings Certificates in July 2024 is expected to remain same at 14.39%.

As per the details, the Defense Savings Certificates (DSCs) scheme was launched by the government in 1966 to meet the financial needs of the long-term category of investors and to provide them with an opportunity to maximize their savings.

On various investment certificates including DSC on May 14, 2024 when it fixed the rate of return at 14.39 percent.

Defense certificates can be purchased by Pakistani citizens and overseas Pakistanis. These certificates have a maturity period of 10 years and come in denominations of Rs.500, Rs. 1,000, Rs. 5,000, Rs. 10,000, Rs. 50,000, Rs. 100,000, Rs. 500,000, and Rs. 1,000,000.

Defense Savings Certificates Tax/Zakat Deduction

According to the policy of State Bank of Pakistan, tax and zakat are deducted on profits. Withholding tax is fixed at 15% for filers and 30% for non-filers.

Expected Profit Rate in July 2024

The profit rate on Defence Savings Certificates in July 2024 is expected to remain same at 14.39%.

Current Profit Rate for Defense Savings Certificates

Currently, the rate of return for Defense Savings Certificates is fixed at 14.39 per cent after the latest revision, effective from May 14.

Payable Amount (Principal + Profit ) On Investment of Every Rs.100,000

First year            Rs112,000

2 Years                Rs125,000

3 years                Rs139,000

4 years                Rs155,000

5 Years                Rs175,000

6 Years                Rs200,000

7 Years                Rs230,000

8 Years                 Rs265,000

9 Years                 Rs308,000

10 Years               Rs363,000