SPECIAL SAVINGS ACCOUNT

 A three years maturity scheme introduced in February, 1990. The deposits are maintained in form of an account. Profit is paid on the completion of each period of six months.

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. 

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The amount be withdrawn at par any time after the date of its deposit.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the profit is paid @ 12.40% p.a. for 1st five profits and the last profit @ 13.00% p.a. However, if the profit is not withdrawn on due date, it will automatically stand reinvested and would be calculated for further profit on completion of the next 06 months period.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.