- The National Savings Bank reduced its profit rates for savings schemes.
- Investors under this scheme receive profit payments every six months.
- The profit rate for the first five months is 15.7%, and it increases to 16.6% for the sixth month.
The National Savings Bank, also known as ‘Qaumi Bachat Bank,’ has announced a reduction in profit rates for its various savings schemes, effective May 14, 2024.
It offers a variety of products to the public, including defense savings certificates, special savings certificates, behbood savings certificates, and short-term savings certificates.
National Savings. This scheme was introduced to meet the needs and demands of small and medium-range investors, providing a unique investment opportunity with bi-annual returns.
Special Savings Certificates: New Profit Rate from May 2024
The National Savings has revised its profit rates effective May 14, 2024, considering various factors.
Profit No. 1 to 5: 15.7% per annum
Profit No. 6 (Last): 16.6% per annum
Tax Deduction
The rate of tax to be deducted shall be as follows:
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Filers, those listed in the Active Tax Payer List (ATL), will have a 15% withholding tax rate on their earnings or profits, regardless of when they invested or the amount or profit earned.
For non-filers, individuals not listed in the Active Tax Payer List (ATL), the withholding tax rate on their earnings or profits will be 30%, regardless of when they invested or the amount or profit earned.
