ISLAMABAD: The National Savings or Qaumi Bachat Bank has announced a reduction in the profit rates for several savings schemes, including the Special Savings Certificates after Pakistan's inflation rate dropped to single digits. This move impacts small and medium-range investors who rely on these investment options.
The Special Savings Certificates, introduced to provide bi-annual returns to investors, have a tenure of three years. Profit is paid every six months, making it a preferred choice for many individuals looking for secure investment opportunities.
On September 13, 2024, the government revised the profit rates. For the first five months, the profit rate is now set at 15.20% per annum, while the rate for the sixth month is 16.20%.
Additionally, tax deductions vary depending on the investor's tax filing status. Filers are subject to a 15% withholding tax on their profits, while non-filers face a 30% deduction.
These changes reflect the government's efforts to adjust financial products in response to the evolving economic landscape.
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