Who Can
Invest .
The account can be
opened by an individual in his name or in the name of
minor(s) dependent on him or by two individuals jointly in their names.
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 accounts 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 (CNIC) Card 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
in this scheme is Rs.500/-. There is not maximum limit, however,
the deposits are required to be made in multiple of Rs.500/-.
When Can I Withdraw my deposits.
The amount be withdrawn at par any time after the
date of its deposit. However, no profit is payable in case the
withdrawals are made before completion of 6 months.
What Will I Get As Profit.
At the prevailing rates the profit is paid @
11.60% p.a. for 1st
five profits and the last profit @ 12.00% p.a. 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withdrawn on due date, it will automatically stand reinvested and would be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). The Zakat is
collected at source as per rules at the time of withdrawal of principle
amount. However, Zakat is not collected in case of reinvestment.
