Q.1 Can I deposit profit cheque into my account with any scheduled bank? If not, then how can I withdraw my profit without coming to the Centre?
Ans: No. Unlike cheques of banks, the Profit coupons/withdrawal slips of NSS are not negotiable instruments, hence not acceptable by banks. The profit accrued on BSC only may, however, be collected through an agent duly authorized by the certificate holder at his/her own risk and subject to the satisfaction of the officer in charge.
Q.2 What is the standard procedure for encashment of certificate(s) in case of death of certificate
holder(s)?
Ans: Subject to the rules of the respective schemes, the nominee may opt for encashment of the certificates or transfer of the same in his/her name, however, in the former case the nominee shall be required to furnish;
a. an application on plain paper containing three specimen signatures of himself/herself duly verified to the satisfaction of the officer in charge.
b. death certificate of the deceased holder.
c. attested photocopies of CNICs of both the deceased holder and himself.
d. in case the certificates are intended to be transferred to nominee, an application on SC-4 supported by relevant documents shall be required in addition to above requirements.
e. Original Certificates.
Q.3 Do the revised rates of profit on National Savings Scheme automatically apply to the investment made prior to such revision?
Ans: No.
Q.4 Are new rates automatically made applicable on the existing investments?
Ans: All National Savings Schemes (NSS) except Savings Account are term/fixed deposits; hence, the agreement made at the time of investment remains valid upto the maturity of that particular deposit. Any change in profit either upwards or downwards on later issues doesn’t affect the existing investments. However, if any investor intends to avail new rates, he/she can withdraw the investment and on payment of subject to nominal service charges (if applicable) and then invest the same on new rates.
Q.5 Can widowers invest in Bahbood Savings Certificates?
Ans: No, at present the widowers cannot invest in Bahbood Savings Certificates. However, after attaining 60 years of age, they become automatically eligible being senior citizens.
Q.6 Who are eligible to invest in Bahbood Savings Certificates?
Ans: The widows and the senior citizens aged 60 years or above can invest in Bahbood Savings Certificates.
Q.7 Is investment made in National Savings Schemes secure?
Ans: Yes, the investment made in National Savings Schemes (NSS) is fully guaranteed by the Government of Pakistan.
Q.8 What is the difference between Joint-A and Joint-B type investment?
Ans: The National Savings Schemes provide the facility of joint investment upto two persons. There are two different types i.e. Joint-A and Joint-B. In case of Joint-A deposits, the encashment is given only after having the signatures of both the investors; while in case of Joint-B, either of the investors can withdraw/encash the principal under his/her own signatures only.
Q.09. I am presently out of the country and want to withdraw the profit of my investment made in NSS in Pakistan, can I do this? If yes, what are the steps?
Ans: As per rules a purchaser can nominate an agent for collection of profit of the principal at his personal risk after issuing a power of attorney duly attested by the Pakistani missions working in that country subject to entire satisfaction of the Officer Incharge of National Savings Centre concerned.
Q.10 What is the procedure to invest in National Savings Schemes from abroad? In which scheme(s) I can invest, and what documents are required?
Ans: Investment from abroad can be made through Bank Draft/Cheque in any foreign currency in favour of any of our office(s), alongwith the application form duly filled in and the copies of Passport and National identity Card. The Bank Drafts got prepared in Pak rupee from abroad are cleared much earlier than those in foreign currency. It would be more proper if these are payable at the same city where the investment is intended to be made.
The investment in the National Savings Schemes is maintained and expressed in Pak rupee only. Amount received in foreign currency is converted into Pak rupee on the prevailing official exchange rate through normal Banking channels for investment in National Savings Schemes. Moreover, the principal and profit accrued on a certificate issued against foreign exchange received through remittance shall be payable abroad to the purchaser in foreign exchange if so desired by the investor. For the purpose, the payable amount shall be converted into the desired currency at the official exchange rate prevailing at the time of conversion/payment.
Q.11 What is the maximum period for claiming the prize money?
Ans: The prize on any prize winning Prize Bond can be claimed within six years reckoned from the date of that particular draw result. No claim, after the said period of six years is entertained.
Q.7 Is there any deduction on encashment of prize bonds?
Ans: The prize bonds can be redeemed on the face value and there is no deduction whatsoever on the encashment of a prize bond itself irrespective of the amount involved.
Q.12 What is the procedure to claim a prize on a Prize Bond?
Ans: The prize money upto Rs.1,250/- can be claimed from any National Savings Centre, branches of authorized scheduled banks or branches of State Bank of Pakistan. Prize money exceeding Rs.1000/- can be claimed only from the branches of State Bank of Pakistan.
To claim the prize money, a duly filled application form (PB-1) along with a photo copy of the CNIC, a photo copy of the winning prize bond duly signed on the back is to be presented in the concerned office. However, the prize money is subject to 10% withholding tax.
Q.13 On which schemes, the withholding tax is applicable and under which law?
Ans: With the exception of BSC and PBA, profit on all NSS is subject to deduction of withholding tax @ 10 in case the investment exceeds Rs.150,000/- under the Income Tax Law for the time being in force except Regular Income Certificate wherein no such exemption is available.
Q.14 If two persons are holding joint investment, what is the limit of tax exemption what will be the investment limit either Rs.150, 000/- or Rs.300,000/-?
Ans: For the purpose of withholding tax deduction, presently Rs.150,000/- shall be deemed to be the limit. As soon as this limit is exceeded the profit shall become liable to withholding tax beyond which tax shall apply irrespective of whether the investment is in single or joint names.
Q.15 Is there any tax applicable on the prizes won on Prize Bonds, if so, what is the ratio?
Ans: The tax at the rate of 10% of the prize is deducted at source at the time of payment of prize money in accordance with the Income Tax Ordinance, 2001 as amended from time to time.
Q.16 I am a non-resident Pakistani and want to make some investment in National Savings Schemes (NSS), whether, the profit earned will be exempt from tax or not?
Ans: The investment received through the branches of Habib Bank Ltd. and United Bank Ltd. operating abroad and profit paid abroad is exempt from deduction of withholding tax.
Q.17 On which scheme(s), the Zakat is applicable and how?
Ans: Zakat is collected from investment made in Defence Savings Certificates, Special Savings Certificates (Regd), Savings Account and Special Savings Account. In case of Defence Savings Certificates, the Zakat is collected @ 2.50% on the accumulated value of the certificate(s) (i.e. principal + profit) as on the Zakat valuation date preceding the date of encashment. Whereas, in case of Special Savings Certificates (Regd), Savings Account and Special Savings Account the Zakat is collected @ 2.50% of the principal of that particular maturity.
Q.18 Is there any time constraint for submitting a Zakat Declaration seeking exemption from collection of Zakat?
Ans: Yes, there is definitely a time limit. The said declaration can easily be submitted at the time of investment or after that, but it should be furnished before 1st Shabban so as to make it effective for the coming Ramadan. Any declaration submitted after the 1st Shabban will be applicable for the next year and not for the current Islamic calendar year.
Q.19 I am a non-resident Pakistani and want to make some investment in National Savings Schemes (NSS), whether, the said investment will be exempt from Zakat or not?
Ans: Any assets acquired against payment in foreign currency or maintained in foreign currency are to be treated as exempt from compulsory collection of Zakat. An account, which is opened with foreign currency and out of which an account can be withdrawn in foreign currency or local currency does not change the nature of the account.
Q.20 Is there any Zakat collection in case of reinvestment of existing Certificates?
Ans: No. Zakat is only collected at the time of actual encashment.
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kindly intimate the rule/provision relating to automatic re-investment on maturity of defence savings certificates and special savings certificates as we have been denied the re investment on maturity of defence saving certificate due to non availability of certificates by the various post offices of Karachi. kindly also advice what to do under this circumstances.
thanking you.
kafil Ahmed Abbasi.
Dear Abbasi sahib
Although I have forwarded your message to National Savings Organisation but I doubt if they will respond (we all know the attitude of government organisations in Pakistan). I suggest you call them by phone.
Central Directorate of National Savings,
23-N, Savings House, G-6 Markaz,
Civic Centre, Islamabad.
Ph. # 051-9215741-50, Fax 051-9215761
email info@savings.gov.pk
URL http://www.savings.gov.pk
________________________________________
Regional Directorate:
Regional Directorate of National Savings, Peshawar.
Building No.1, Mian University Road,
Tehkal Payan, Peshawar.
Phone # 091-9218337-38, Fax # 091-9218336
Regional Directorate of National Savings, Abbottabad.
Savings House,
Opposite Modernage Public School & College
Mansehra Road, Supply Bazar,
Abbottabad Cantt.
Phone # 0992-9310486, 0992-9310488, Fax # 0992-9310487
Regional Directorate of National Savings, Islamabad.
Premises No. 12-L Sitara Market, Markaz G-7, Islamabad.
Phone # 051-9253082-83, Fax # 051-9252485
Regional Directorate of National Savings, Gujranwala.
28-A, Satellite Town, Gujranwala.
Phone # 055-9200422, 9200345, Fax # 055-9200352
Regional Directorate of National Savings, Lahore.
29/30-F, Gulberg-II, Lahore.
Phone # 042-9263030-31, Fax # 042-992630-31
Regional Directorate of National Savings, Faisalabad.
650-D, Peoples Colony No.1, Faisalabad.
Phone # 041-9220465-66, Fax # 041-9220465
Regional Directorate of National Savings, Multan.
Building No.20-B, Opposite Govt. Girls High School,
Gulgasht Colony, Multan.
Phone # 061-9210238, 061-9210240, Fax # 061-9210239
Regional Directorate of National Savings, Bahawalpur
3-C, Rashid Minhas Road, Model Town-A, Bahawalpur.
Phone # 062-9255151-53, Fax # 062-9255152
Regional Directorate of National Savings, Sukkur.
Opposite Al-Faisal Medical Centre, Military Road, Sukkur.
Phone # 071-9310241-42, Fax # 071-9310247
Regional Directorate of National Savings, Hyderabad.
Bungalow No.5, Muslim Co-operative Housing Society, Opp. Sindh Museum, National Highway, Hyderabad.
Phone # 022-9240095-93, 9200345, Fax # 022-9240095
Regional Directorate of National Savings, Karachi
Shahrah-e-Faisal, Shaeed-e-Millat Chowk, Karachi.
Phone # 021-34556463, 34544503 Fax # 021-34535591
Regional Directorate of National Savings, Quetta.
Banglow No.1, Bolan Hotel, Gulistan Road, Quetta.
Phone # 081-9201726, Fax # 081-9201726
Is it possible to buy DSCs or SSCs by overseas Pakistanis living in Abu Dhabi from Habib Bank or UBL?
As far as I know, you can purchase saving certificates through HBL in UAE but I am not sure. Better you cal HBL in Dubai.
Al Abbas Building,
Khalid Bin Al Waleed Road,
P.O.Box 888, Bur Dubai
Phone: +971 4 302 9111
Fax: +971 4 359 4172
Thanks. Will check with them
Yes they do sell
OK
Good luck
I m working in KSA Jeddah my age is 63 years (old age) i want to know which saving scheme is good for me. with biggest profit
i m also planing to shift Pakistan next year. Can i invest in KSA which Bank. I have account in National Bank Saudi Arabia
Please Reply me
Thanks a lot
Nisar sahib
Being a senior citizen, the best option for you is to invest in Behbood saving certificates. The limit is 3 million rupees but it will give you reasonable monthly income free from deductions. You can check profit rates by clicking below link;
http://www.overseaspakistanis.net/94/pakistan-national-saving-schemes-profit-rates/
I am a retired person and having Bahbud Saving Certificates of maximum limit. I am presently living with my family outside Pakistan. Please guide can its monthly profit be automatically invested in any other national saving scheme. If yes then please advise me accordingly.
Thank you.
Dear Mohammad Qamar Abbas sahib
I have forwarded your inquiry to the concerned department, you may also contact them at the following address.
Best regards
info@savings.gov.pk
Ph. # 051-9215741-50, Fax 051-9215761
1) The maximum amount limit of Pensioner benefit Account and Bahbood Saving Certificates is too low up to Rs: 30,00.000= It must be revised up to Rs: 50,00.000
2) Bahbood Saving Certificates facility is only for Female widow, it is a discrimination with male widower. That must be clearified and same right should be given to male widow as in all other cases. It is clear all over the world but in Pakistan unfortunetly we are confused here and deney the fact.
3) Clearify the term pensioner, it doen’t mean 60 years of age. He/she has certificate of pensioner or 60 years and above age.
4) Facilitate the pensioner to have both accounts PBA and Bahbood at same time in same center.
It’s the best time to make a few plans for the long run and it’s time to be happy. I’ve read this put up and if I could I desire to recommend you few fascinating issues or suggestions. Perhaps you could write subsequent articles regarding this article. I desire to read even more things approximately it!
Sir,
Is it not possible to open a ‘ Oversea’s Pakistani Investestment Bank and give us all an opertunity to save and invest.
by the way, I’m a Quality improvement Manager Working in Europe from 36 years.
Please Guide me.
Many Regards
Mohammad Aslam
PLEASE OPEN NEW BRANCHES OF NATIOAL SAVINGS CENTERS,FOR THE CONVIENCE OF THE PEOPLES, I,E, THE AREA OF GULSHAN RAVI,LAHORE,CHOUBURJI, ETC, SO THAT THE DEPOST OF THE GOVT, SAVING MAY BE INCREASE. THANKS.IQBAL,LAHORE
Dear Sir,
I am leaving in Jeddah, Saudi Arabia and wnat to encash prize bonds, can any one help how to proceed?
Thanks
AOA,
Does SSC have auto reinvestment option at the end of 3 years period? For example, If I invest in SSC for the period of 3 years and for some reason, do not withdraw my profit and the actual investment till the 6th year, would my certificate (and all the profits earned) get automatically reinvested at the end of the 3rd years (hence giving me compound profits for 6 years) or would I have to go to the national savings at the end of 3 years to re-invest for next 3 years?
I would really appreciate if you could shed some light on this and inform us of the exact procedure for the above.
Many thanks in advance!
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’
http://www.savings.gov.pk/sscr.asp
I tried to send an email to National Savings staff but it failed. Anyway I shall try to get the accurate information and post here later.
Thank you sir!
Sir, i am maintaining a non-resident PLS account with MCB; and similarly making investment in SSC with the same bank. As per regulations i must be entitled to receive exemption from payment of Withholding Tax on SSC profit as these SSCs are purchased out of the remittance received in my PLS account. The exemption is denied by the bank and letter wirtten to Directorate is not replied yet. Please clarify so that i can take benefit of exemption from WH Tax as the SSCs are purchased out of the money received from my remittance through normal legal banking channels.
I am looking for opportunity of investment in some scheme of national saving via UBL Qatar . As UAE UBL Branch is dealing with this why not Qatar. I am confident that national saving can make good business in Qatar.
or
Can we invest in Duabi or Abu Dhabi branches as overseas resident.
Thanks in advance
Abrar
Dear Sir, As per regulations i must be entitled to receive exemption from payment of Withholding Tax on SSC profit as these SSCs are purchased out of the remittance received in my PLS account. I have already submitted an application to the directorate in melody branch and expecting a positive reply. Please clarify so that i can take benefit of exemption from WH Tax as the SSCs are purchased out of the money received from my remittance through normal legal banking channels.
Thanks in advance
I waspurchase s.s.certificateson 09.03.2005 now I want to received the money. how many amount will pay to me
Dear Sir.I got behbood certificates in 2009 but unfortunatly the same fell down somewhere so i lost that.I have the profit checque book and photocopies of the said certificates.How can i get the duplicate certificates.Someone told me that i have to submit an indemnity bond.I am unable to understand that i deposited money and got the certificates now all the record is available in the center that these certificates were in my name then what is the purpose of indemnity bond.I got the police report also.Please guied me what are the legal requirement?
Just want to know Pak Govt. has recently introduced “National Saving Bond” with the claim that its 100% secure and guaranteed! They made it sound like as if it is more secure than a regular DSC & SSC, is it true? Also, how secure do you think these DSC & SSC’s are? Everything is still manual, from writing your name on those SSC or DCS and than registering your name in the register with a “pen” ! Have you ever heard of any kind of a fraud? Can anyone buy those certificates from any branch of the city, regardless of their NIC address?
How to apply for Saving certificates from Saudi?
The profit of national saving account is halal or haram ? anyone can comment on it with an auntentic source…..
Hello there
I have 4 DSC certificates that were purchased in the kallar sedan branch. I am living in th uk and cannot travel back to Pakistan unfortunately for atleat 7 years. I need to transfer the funds into my account in England. I do not have any family or friends as I live alone to nominate to collect on my behalf. What do j do? Can the officer in charge withdraw the money and transfer it to uk for me? What do I do?? I dint know how the system works.
sir
in case of certificate holder death if a nomine is not the child of holder and the holder child want to draw the certificate without the permision of nominie so is it possible?
hello…
my grand father purchased those saving certificates …and now they are matured…
i belong to rawalpindi….
and he bought those certificates from rawalpindi as well…
as i mentioned they are mature,now i dont know where to go and claim my money…
should i go to national bank>?
my grand father died ..
so…
Bushra
Contact them in Islamabad for any info;
Central Directorate of National Savings,
23-N, Savings House, G-6 Markaz,
Civic Centre, Islamabad.
Ph. # 051-9215741-50, Fax 051-9215761
email info@savings.gov.pk
URL http://www.savings.gov.pk