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ABOUT US
The history of National Savings Organization dates back to the year 1873 when the
Government Savings Bank Act, 1873 was promulgated. During the first world war, the
British Government introduced several Schemes for collection of funds to meet the
expenditure. It was in this context that the Post Office Cash Certificates and, during the
second world war, Post Office Defence Savings Certificates were floated. The need to
setup a separate agency was felt and a National Savings Bureau was established in
1943- 44 as an attached department of the Ministry of Finance of the undivided
Government of India. The department was headed by National Savings Commissioner
with the status of a Joint Secretary. At that time the main functions of the Savings
Department were to initiate all policy matters and issue directives for the execution of
policy decisions of the Central Government, and to review the Savings Schemes from
time to time. Gradually, Savings Organization were established in almost all the
Provinces of the sub-continent with the objective of popularizing the Savings Schemes
among the masses as well as to supervise, guide and control the working of authorized
agents under their jurisdiction. The agents, who were appointed by the local authorities.
They were paid commission @ 2 1/2 on the investment secured by them. These
authorized agents were in those days the only agency for securing investment in terms
of Savings Certificates from the general public. In nutshell the central agency viz.
National Savings Bureau, Simla, was mainly concerned with the policy and planning
matters of the Savings Schemes whereas the responsibility of execution of various
Savings Schemes vested with Provincial authorities .
At the time of Independence there was no time for any sort of innovations in the field of
administration. Thus an organization with the name of 'Pakistan savings Central Bureau'
was created and the Savings work was entrusted to it by the Government of Pakistan,
but this Bureau had its own peculiarities. The Pakistan Savings Central Bureau had no
independent entity and was not given the same status as enjoyed by Savings Bureau,
Simla. The head of the Pakistan Savings Central Bureau was then called Central National
Savings Officer, a Junior Officer of the Ministry of Finance with the status of an Under
Secretary to the Government of Pakistan. He was assisted by a Superintendent having
some auxiliary staff. In 1953, the Pakistan Savings Control Bureau was re-named as
Central Directorate of National Savings and it carried out the functions on the lines of
National Savings Bureau Simla but as a part and parcel of the Finance Division, Central
Directorate of National Savings was only responsible for publicity, and the operative
agents were the Provincial Governments as well as Pakistan post Offices. However, the
entire expenditure in this regard was borne by the Central Government. Such an
arrangement created a large number of administrative difficulties and stunted the
growth of savings. In view of these difficulties the Central Directorate of National Savings
was given the status of an Attached Department in September, 1960, and was made
responsible for all policy matters and execution of various National Savings Schemes.
Subsequently, it was also declared a Technical Department by the Government. The
Director General, National Savings (BPS-20) now enjoys full powers of a Head of the
Department.
Till December, 1971, the National Savings Organization functioned as a Publicity
organization and its activities were merely promotional in nature. But in early 1972, the
scope of its activities was enlarged as the Central Directorate started selling II-Rupee
Prize Bonds, and subsequently engaged in the operations of other savings schemes. This
resulted in considerable expansion of the National Savings Organization.
At present, this Organization has a total sanctioned strength of 3377 employees in
various grades and its main component units are as under:
a. Central Directorate of National Savings, Islamabad.
b. Directorate of Inspection and Accounts, Islamabad.
c. Training Institute of National Savings, Islamabad alongwith a sub-Training Institute at
Karachi.
d. 12 Regional Directorates (located at Peshawar, Abbottabad, Islamabad, Gujranwala,
Lahore, Faisalabad, Multan, Bahawalpur, Sukkur, Hyderabad, Karachi, Quetta)
e. 367 National Savings Centers spread throughout the country.
(a). the signatures of the authorized person are attested by the investor on the letter
of authority;
(b). the Officer Incharge of the NSC is personally satisfied that the authorized person
is genuine and the certificate(s) is / are properly discharged under genuine signatures
and both the signatures i.e. on the back of the certificate(s) and the letter of authority
tally 100% with the specimen on the investor available on the record.
(C). The receipt of the amount is got acknowledged from the authorized person on the
reverse of certificate(s) personally by the Centre Incharge.
What is the return.
In this scheme the profit is paid on maturity or encashment for completed years.
Every Rs.100,000/- will become Rs.105,000/-, Rs.111,000/-, Rs.118,000/-,
Rs.126,000/-, Rs.135,000/-, Rs.146,000/-, Rs.160,000/-, Rs.178,000/-, Rs.204,000/and Rs.240,000/- on completion of 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10 years, respectively.
These rates are effective from 1st August, 2015. The average compound rate of return
on maturity presently works to 9.15% p.a. For any other time period rates table is also
available on website.
called SC-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 (SC-I). To download application form in editable Adobe
Acrobat format, please click here.
Mode of Deposit.
These 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 be issued 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.50,000/-, however, there is no
maximum investment limit in this scheme.
What About Redemption.
These certificates are encashable any time subject to deduction of service
charges at the following rates:
if encashed before completion of one
@ 2.00% of the face value
year from the date of issue.
if encashed after one year but before
completion of 02 years from the date of
@ 1.50% of the face value
issue.
if encashed after two years but before
completion of 03 years from the date of
@ 1.00% of the face value
issue.
if encashed after three years but before
completion of 04 years from the date of
@ 0.50% of the face value
issue.
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.
NOTE:
The encashment of certificate(s) may be allowed through a person duly
authorized (in writing) by the investor on an authority letter under his /
her signature provided that:-(a). the signatures of the authorized person are attested by the investor
on the letter of authority;
(b). the Officer Incharge of the NSC is personally satisfied that the
authorized person is genuine and the certificate(s) is / are properly
discharged under genuine signatures and both the signatures i.e. on the
back of the certificate(s) and the letter of authority tally 100% with the
specimen on the investor available on the record.
(C). The receipt of the amount is got acknowledged from the authorized
person on the reverse of certificate(s) personally by the Centre Incharge.
What is the return.
At the prevailing rates monthly profit of Rs.710/- (including withholding tax)
is paid on investment of each Rs.100,000/-. This way the profit rate works
to 8.52% p.a. However, the facility of automatic reinvestment of profit to
earn further profit is not available in this scheme.The monthly profit, if not
drawn on due date shall not earn further profit.
Tax & Zakat Status.
W.e.f. 1st July,2014 the rate of tax to be deducted under Section 151 of
Income Tax Ordinance 2001 shall be 10% of the yield or profit for Filers and
15% of the yield or profit paid for Non-Filers. Provided that for a non-filer, if
the yield or profit paid is rupees five hundred thousand or less, the rate
shall be 10%. However, the investment made in this scheme is exempt
from collection of Zakat.
being paid to its original purchaser, provided there is no legal case or order
of court of law issued against it.
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
@ 1.00%
completion of 01 year
of the face
from the date of
value
purchase.
if encashed after one
year but before
@ 0.75%
completion of 02
of the face
years from the date of
value
purchase.
if encashed after two
years but before
@ 0.50%
completion of 03
of the face
years from the date of
value
purchase.
if encashed after
three years but before
@ 0.25%
completion of 04
of the face
years from the date of
value
purchase.
if encashed after
No service
completion of 04
charges
years
Further, certificates purchased on or after 15-11-2010 cannot be
automatically reinvested. However, other better options are available for
investment in National Savings Schemes.
NOTE:
The encashment of certificate(s) may be allowed through a person duly
authorized (in writing) by the investor on an authority letter under his /
her signature provided that:-(a). the signatures of the authorized person are attested by the investor
on the letter of authority;
(b). the Officer Incharge of the NSC is personally satisfied that the
authorized person is genuine and the certificate(s) is / are properly
discharged under genuine signatures and both the signatures i.e. on the
back of the certificate(s) and the letter of authority tally 100% with the
specimen on the investor available on the record.
(C). The receipt of the amount is got acknowledged from the authorized
person on the reverse of certificate(s) personally by the Centre Incharge.
What is the return..
At the prevailing rates monthly profit of Rs.920/- is paid on investment of
each Rs.100,000/-. This way the profit rate works to 11.04% 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.
Accounts
SAVINGS ACCOUNT [Profit Rates]
This is the oldest scheme among the National Savings instruments. The scheme
has been designed to encourage the small savers and to meet their day to day
needs. This is an ordinary account and frequent withdrawals ( thrice a week) can
be made through this account. .
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.Institutions
may also invest individual funds such as pension, gratuity, superannuation,
contributory provident funds and trusts etc.
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.
Note:
Payment from accounts may be allowed through a person duly authorized (in
writing) by the investor on authority letter under his signatures provided that:(a). the signatures of the authorized person are also attested by the investor on
the letter of authority;
(b). the Centre Incharge is personally satisfied that the authorized person is
genuine and the Withdrawal Slip and the letter of authority bear genuine
signatures of the investor;
(c). the receipt of the amount is got acknowledged from the authorized person on
reverse of the withdrawal slip personally by the Centre Incharge.
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 4.75% p.a.
Tax & Zakat Status.
Exemption of deduction of Withholding tax has been withdrawn w.e.f 01-072013 on profit of investment upto Rs.150,000. W.e.f. 1st July,2014 the rate
of tax to be deducted under Section 151 of Income Tax Ordinance 2001
shall be 10% of the yield or profit for Filers and 15% of the yield or profit
paid for Non-Filers. Provided that for a non-filer, if the yield or profit paid is
rupees five hundred thousand or less, the rate shall be 10%. Zakat is also
applicable as per rules.
SPECIAL SAVINGS ACCOUNT [Profit Rates]
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.
Institutions may also invest individual funds such as pension, gratuity,
superannuation, contributory provident funds and trusts etc.
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.
Note:
Payment from accounts may be allowed through a person duly authorized (in
writing) by the investor on authority letter under his signatures provided that:(a). the signatures of the authorized person are also attested by the investor on
the letter of authority;
(b). the Centre Incharge is personally satisfied that the authorized person is
genuine and the Withdrawal Slip and the letter of authority bear genuine
signatures of the investor;
(c). the receipt of the amount is got acknowledged from the authorized person on
reverse of the withdrawal slip personally by the Centre Incharge.
What Will I Get As Profit.
At the prevailing rates the profit is paid @ 7.40% p.a. for 1st five profits and
the last profit @ 8.80% 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. The facility of
automatic re-investment on maturity of Deposits in SPECIAL SAVINGS
ACCOUNT is available.
Tax & Zakat Status.
if withdrawn before
@1% of the
completion of one year from principal
the date of deposit.
amount
if withdrawn after one year
@0.75% of
but before completion of 02
the principal
years from the date of
amount
deposit.
if withdrawn after two years
@0.5% of
but before completion of 03
the principal
years from the date of
amount
deposit.
if withdrawn after three years
@0.25% of
but before completion of 04
the principal
years from the date of
amount
deposit.
if withdrawn after completion
No Service
of 04 years from the date of
Charges
deposit.
Note:
Payment from accounts may be allowed through a person duly
authorized (in writing) by the investor on authority letter under his
signatures provided that:(a). the signatures of the authorized person are also attested by the
investor on the letter of authority;
(b). the Centre Incharge is personally satisfied that the authorized
person is genuine and the Withdrawal Slip and the letter of authority
bear genuine signatures of the investor;
(c). the receipt of the amount is got acknowledged from the authorized
person on reverse of the withdrawal slip personally by the Centre
Incharge.
A receipt of the service charges so deducted, duly signed by the officer
incharge and the cashier, shall be issued to the investor.
What Will I Get As Profit.
At the prevailing rates monthly profit of Rs.920/- is paid on investment
of each Rs.100,000/-. This way the profit rate works to 11.04%
p.a. Automatic reinvestment of profit facility to earn further profit at the
scheme's rate is not admissible in this scheme. The facility of automatic
re-investment on maturity of Deposits in PENSIONERS BENEFIT
ACCOUNT is available.
Tax & Zakat Status.
The withholding tax is not collected on the profit earned on the deposits
made in this scheme. The investment made in the scheme is also
exempt from Zakat.