National Savings, commonly known as Qaumi Bachat Bank, has announced revised profit rates for its Special Savings Certificates, effective from July 2024. These changes will impact the three-year term of the investment scheme, a favorite among small and medium-range investors.
New Profit Rates
- First Five Months: 15.7% per annum
- Sixth Month: 16.6% per annum
The updated rates are designed to offer competitive returns to investors, reflecting the government’s efforts to provide attractive savings options amidst changing economic conditions.
Tax Deduction Rules
- Active Taxpayers: 15% withholding tax on profits
- Non-Filers: 30% withholding tax on profits
The government has clarified the tax implications for both active taxpayers and non-filers, ensuring investors are aware of the deductions from their returns.
Investment Scheme Details
The Special Savings Certificates by National Savings are a three-year investment option that allows investors to earn bi-annual profits on their principal amount. This scheme remains a reliable choice for those looking to secure a stable return on their investments.
With the latest revisions, National Savings aims to enhance the appeal of its savings products, catering to the needs of diverse investors in the current economic landscape.
