Special Savings Certificates latest profit rate from August 2024 Update

ISLAMABAD – The Pakistani government launched the Special Savings Certificates (SSCs) in 1990 keeping in view the needs and demands of small and medium range investors.

The National Savings offers bi-annual returns to people on their investments. Profit is payable on the completion of each period of six months. Currently, the profit rate on this unique scheme stands at 16 percent for first five months and 16.6% for the sixth month.

All Pakistani Nationals as well as Overseas Pakistanis can purchase these certificates being a single adult, a minor or two adults jointly where the payments can be received either by the both jointly (Joint-A) or any one of the holders (Joint-B). An adult can also purchase SSCs on behalf of a single minor, two minors jointly or as a joint with a minor.

The minimum investment limit in this category stands at Rs500 while there is no maximum limit.

Special Savings Certificates New Profit Rate August 2024

The National Savings revised profit rates in May 2024 and they are still effective in August 2024.

As per the revised policy, the profit rate for first five months will be 15.5 percent while it will be 16.5% for the sixth month.

Tax and Zakat Deduction

The rate of tax to be deducted shall be as follows:

Filers: Persons appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 15% of the yield/profit irrespective of date of investment and amount/profit.

Non-Filers: Persons not appearing in Active Tax Payer List (ATL), Rate of Withholding Tax shall be 35% of the yield/profit irrespective of date of investment and amount/profit.