GOVERNMENT OF PAKISTAN

MINISTRY OF FINANCE

NATIONAL SAVINGS CENTRE

KAHROR PACCA

SAVINGS ACCOUNT

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 account.

 Who can Invest .

The account can be opened by a single adult, a minor, two adults in their joint names with the options of payable to the holders jointly     (Joint-A ) or payable to either (Joint-B). An adult can also open an account on behalf of a single minor or two minors jointly of whom he is a guardian. In addition to individual investors, the following institutions are also allowed to invest in the scheme:

1. Registered Charities (Non-profit bodies).

2. Public Sector Enterprises excluding Banks.

3. Private Educational & Health Institutions.

4. Employees Old Age Benefit Institutions (EOBIs).

5. Private Corporate Sector registered with the SECP excluding Banks.

6. Non-Bank Financial Institutions (NBFIs) excluding Insurance Companies.

How to Invest.

These accounts can be opened at any National Savings Centres (NSCs) and Pakistan Post Offices (PPOs) by applying on a prescribed form called DA-1, available at all these offices 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.

Mode of Deposit.

The accounts can be opened by depositing cash at the above offices or by presenting a cheque/draft. The account is opened immediately on receipts of cash. However, in case of deposit through cheque/draft, the account is opened from the date of realization of the cheque/draft 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 a NSC or PPO.

When Can I Withraw .

The deposits can be withdrawn any time from the date of deposit.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.

What is the Return.

Profit in the account is credited on 30th June every year and is worked out on the lowest balance between the close of the sixth day and the end of the month. The current rate of profit is 8.50% p.a.

Tax & Zakat Status.

At present the profit earned on the accounts, wherein the average lowest balances within a month do not exceed the limit of Rs.150,000/- are exempt from levy of withholding tax.  However, withholding tax @10% is deductible at source on the profits earned on the accounts, wherein the average lowest balances exceed the said limit.  Zakat is deducted @ 2.5% of the balance amount as notified by the Central Zakat Administration in respect of non-Sahib-e-Nisab each year.

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