National Savings announces new profit rates on special savings certificates for July 2024

ISLAMABAD: Special Savings Certificates are one of the popular products offered by National Savings or Qaumi Bachat Bank, here on Friday.

As per the details, the scheme was introduced keeping in mind the needs and demands of small and medium investors with unique investment opportunities of two-year returns on their investments.

With a tenure of three years, the investment is offered to the general public. Dividends are paid to investors on completion of each six-month period.

The government revised the rate of return on various products including Special Savings Certificates in May 2024.

Tax Deduction

The rate of tax deduction will be as follows:

Filers: Individuals appearing in the Active Taxpayer List (ATL), the rate of withholding tax will be 15% of the output/profit irrespective of the date of investment and the amount/profit.

Non-filers: Persons not appearing in the Active Taxpayer List (ATL), the rate of withholding tax will be 30% of the output/profit irrespective of the date of investment and amount/profit.

Special Savings Certificates New rate of return from July 2024

National Savings has revised the interest rates from 14th May 2024 keeping in mind various factors.

According to the revised policy, the rate of return for the first five months has been fixed at 15.7 percent, while the rate for the sixth month will be 16.6 percent.