Keeping in view the
hardships faced by the widows and senior citizens, this ten years' maturity
scheme was launched by the Government on 1st July, 2003. Initially the
scheme was meant for widows only, however, the Govt. later decided to extend the
facility for senior citizens aged 60 years and above with effect from 1st
January, 2004. These certificates are available in the denominations of Rs.5,000/-, Rs.10,000/-, Rs.50,000/-, Rs.100,000/-, Rs.500,000 and 10,00000/-. Profit is paid on monthly basis reckoned from the
date of purchase of the certificates.
Who Can
Invest .
Only Pakistani widows and senior citizens aged 60 years and above are
eligible to invest.
How To
Purchase.
These certificates can only be purchased from the National
Savings Centre (NSCs) by filling in a prescribed form called
SC-1, which is
available at the offices of issue free of cost. A copy of the
Computerized National Identity
Card (CNIC) and necessary evidence regarding eligibility is
required to be attached with the
application form. To download application form in editable Adobe Acrobat
format,
please click here.
Mode of Deposit.
The 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 have the effect from the date of realization of the cheque after receipt
of the clearance advice.
What Is The Investment Limit.
The minimum investment limit in this scheme is Rs.5,000/-, whereas, the maximum limit is
Rs.3,000,000/-. Investment in allowed in multiple of Rs.5,000/-.
What About Redemption.
The certificates can be encashed any time after issuance subject
to deduction of service charges at the following rates:
| if encashed before completion
of one year from the date of purchase. |
@
1.00%
of the face value |
| if encashed after one year but before
completion of 02 years from the date of purchase. |
@
0.75%
of the face value |
| if encashed after two years but before
completion of 03 years from the date of purchase. |
@
0.50%
of the face value |
| if encashed after three years but before
completion of 04 years from the date of purchase. |
@ 0.25%
of the face value |
| if encashed
after completion of 04 years |
No
service charges |
Further, certificates purchased on or after 15-11-2010 can not be automatically reinvested.
However, other better options are available for investment in National Savings Schemes.
What is the return..
At the prevailing rates monthly profit of Rs.1060/- is paid on
investment of each Rs.100,000/-. This way the profit rate works to 12.72%
p.a. Automatic reinvestment of profit facility to earn further profit is
not admissible in this scheme at the scheme's rate. The monthly profit, if not drawn on due date shall not earn further profit.
Tax
& Zakat Status.
The withholding tax is not collected
on the profit earned on these certificates. The investment made
in this scheme is also exempt from Zakat.
