The National Savings, also known as Qaumi Bachat Bank, has adjusted the profit rates for different products to encourage increased investment from both local and overseas Pakistanis. It’s worth noting that the profit rate for the Savings Account has remained the same at 20.50 percent since October 2023.
The Savings Account is available for both Pakistani nationals and overseas Pakistanis, whether as a single adult account holder or jointly with another adult. Joint-A allows payments to be received by both account holders jointly, while Joint-B permits payments to be received by either of the joint account holders. Additionally, adults can open Savings Accounts on behalf of minors under their guardianship.
One notable feature of the Savings Account is the flexibility to withdraw deposited amounts up to three times a week.
To open a Savings Account, individuals can visit any National Savings Centre (NSC) and complete the DA-I (Application Form), which is provided free of charge at these offices.
Required documents for application include a copy of the Computerized National Identity Card (CNIC) for adult Pakistanis, a copy of the National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC) for overseas Pakistanis, and a copy of Form B or Child Registration Certificate (CRC) issued by NADRA for minors.
The Savings Account has a minimum investment limit of Rs100, with no maximum investment limit specified.
As of February 2024, the Qaumi Bachat Bank offers an attractive profit rate of 20.50 percent for Savings Account holders. This rate has been in effect since October 30, 2023, with the previous rate standing at 19.50 percent.
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