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Special Savings Certificates (Registered)

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 .
Presently, only individuals are allowed to 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.
How To Purchase.
These certificates can be purchased from any National Savings Centre (NSC), Pakistan
Post Office (PPO), Scheduled Bank branches and the offices of State Bank of Pakistan
(SBP) by filling in a prescribed form called which is available at all the above offices of
issue free of cost. A copy of the National Identity Card or in case of a foreign national, a
copy of the Passport is required to be attached with the application form.
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 limit of
investment in the scheme.
What About Redemption.
These certificates are encashable at par any time after one month from the
date of purchase. However, no profit is payable if the encashment is
made before completion of six months.
What Will I Get As Profit.
At prevailing rates, the profit is paid @ 9.00% p.a. for 1st five profits and @ 10.00% 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 However, if the profit is not withdrawn on due date it will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.
At present, the profit earned is exempt from withholding tax, if the total investment in the
scheme by the investor(s) does not exceed Rs.150,000/-. However, withholding tax @
10% is deductible at source on the profit(s) earned if the total investment exceeds
Rs.150,000/- by the investor(s). Zakat is collected at source as per rules.