Keeping in view the hardships faced by the widows and senior citizens, 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 extend 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 10,00000/-.
Profit is paid on monthly basis reckoned from the date of purchase of the
certificates.
Who Can Invest ?
Only Pakistani widows and senior citizens aged 60 years and above are eligible
to invest.
How To Purchase?
These certificates can only be purchased from the National Savings Centre (NSCs)
by filling in a prescribed form called SC-1, which is available at the offices
of issue free of cost. A copy of the Computerized National Identity Card (CNIC)
and necessary evidence regarding eligibility is required to be attached with the
application form.
Mode of Deposit:
The 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 have the
effect 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.5,000/-, whereas, the maximum
limit is Rs.3,000,000/-. Investment in allowed in multiple of Rs.5,000/-.
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 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
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.
What is the return?
At the prevailing rates monthly profit of Rs.1190/- is paid on investment of
each Rs.100,000/-. This way the profit rate works to 13.86% p.a. Automatic
reinvestment of profit facility to earn further profit is not admissible in this
scheme at the scheme's rate.
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.
