Who Can
Invest .
The account can be
opened by a single adult, two adults in their joint names with the
options of payable to the holders jointly (Joint-A ) or payable to either
(Joint-B), any minor of whom he is a guardian.
In addition to above individual investors, the following
institutions are also allowed to invest in the scheme, subject
to their registration under the relevant law for the time being in
force:
a. Registered
Charities (Non-profit bodies).
b. Public Sector
Enterprises excluding Banks.
c. Private
Educational & Health Institutions.
d. Employees Old
Age Benefit Institutions (EOBIs).
e. Private
Corporate Sector registered with the SECP excluding Banks.
f. Non-Bank
Financial Institutions (NBFIs) excluding Insurance Companies.
How To Invest.
These account can be opened at any National Savings Centre
(NSCs) and Pakistan Post Office (PPO) by filling in a prescribed form called
DA-1, which is available at all the above offices of issue free of cost. A copy
of the Computerized National Identity Card (CNIC) or in case of a foreign national, a copy of the
Passport may be attached with the application form.
To download application form in editable Adobe Acrobat format,
please click here.
Mode of Deposit.
The accounts can be opened by depositing cash at the issuing office or by
presenting a cheque. The passbook and withdrawal slip shall immediately be
issued on receipts of cash. However, in case of deposit through cheque the
account shall be opened 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.100/-
in the scheme with no maximum limit. However, only one
account can be opened by person at an office of issue.
What About
Withdrawal .
The deposits can be withdrawn any time from the date of
deposit. However, there is a limit of three withdrawals within
a week's time.
What is the Return.
Profit in this account is credited on
30th June every year and is worked out on the lowest balance of an account between the close of the sixth day and
end of the month. The current rate of profit is 8.5% p.a.
Tax
& Zakat Status.
At present the profit earned on the
accounts, wherein the average balances within a month do not exceed the limit of Rs.150,000/- are
exempt from levy of withholding tax. However, withholding tax @10% is
deductible at source on the profits earned on the accounts,
wherein the balances exceed the aforesaid limit. Zakat is also applicable as per rules.
