BSC

Keeping in view the hardships faced by the widows and senior citizens and to guard them against the inflationary pressures, this ten years' maturity scheme was launched by the Government on 1st July, 2003. Initially the scheme was meant for widows only, however, the Govt. later decided to extended the facility for senior citizens aged 60 years and above with effect from 1st January, 2004. These certificates are available in the denominations of Rs.5,000/-, Rs.10,000/-, Rs.50,000/-, Rs.100,000/-, Rs.500,000 and Rs.1,000,000/-. Profit is paid on monthly basis reckoned from the date of purchase of the certificates.

Only widows and senior citizens aged 60 years and above are eligible to invest, singly or jointly.

These certificates can be purchased from any National Savings Centre (NSC), Pakistan Post Offices (PPOs), State Bank of Pakistan (SBP) and authorized Scheduled Bank branches by filling in a prescribed form called SC-1, available at all the above offices of issue, free of cost, accompanied with a photocopy of the computerized National Identity Card (CNIC) or in case of overseas Pakistanis, a photocopy of National Identity Card for overseas Pakistanis (NICOP) or Pakistan Origin Card (POC) or in case of a minor, a photocopy of Form-B or Child Registration Certificates (CRC) or in case of a foreign national, a photocopy of the Passport. To download application form in editable Adobe Acrobat format, please click here.

These certificates can be purchased by depositing cash at the issuing office or by presenting a cheque / draft. The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque / draft, the certificates shall be issued from the date of realization of the cheque / draft after receipt of the clearance advice.

What Is The Investment Limit.

The minimum investment limit in the scheme is Rs.5,000/-, whereas in the case of single investor, the maximum limit is Rs.3,000,000/- and for joint investors Rs.6,000,000/-. Investment in allowed in multiple of Rs.1,000/-.

The certificates can be encashed any time subject to deduction of service charges at the following rates:

if encashed before completion of one year from the date of purchase.	@ 1.00% of the face value
if encashed after one year but before completion of 02 years from the date of purchase.	@ 0.75% of the face value
if encashed after two years but before completion of 03 years from the date of purchase.	@ 0.50% of the face value
if encashed after three years but before completion of 04 years from the date of purchase.	@ 0.25% of the face value
if encashed after completion of 04 years	No service charges

Note: A receipt of the service charges so deducted, duly signed by the officer incharge and the cashier, shall be issued to the investor.

As per prevailing rates monthly profit of Rs.1180/- is paid on investment of each Rs.100,000/- made on or after 01.07.2009. This way the profit rate works to 14.16% p.a. Automatic reinvestment of profit to earn further profit is not admissible in scheme, however, further profit is paid on undrawn profit at the rate applicable on Savings Account.

The withholding tax is not collected at source on the profit earned on these certificates. The investment made in this scheme is also exempt from Zakat.