Pakistan Adjusts National Savings Profit Rates, Reduces Withholding Tax

Pakistan’s National Savings Directorate recently issued a notification revising profit rates on various savings schemes across the country.

The profit rate for Regular Income Certificates has been set at 12.24%, while Special Savings Accounts will offer an average return of 12.4%.

Bahbood Savings Certificates, Pensioners Benefit Accounts, and Welfare Accounts for families of martyrs have maintained a profit rate of 13.20%.

Short Term Savings Certificates now offer revised rates: 11.4% for three-month deposits, 11.66% for six-month deposits, and 11.77% for one-year deposits.

Sarwa Islamic Savings Accounts will provide 11.88% profit for both one-year and two-year tenures. Defence Savings Certificates ranging from one to ten years have also seen an increase in profit rates.

In addition to these changes, withholding tax for filers on National Savings accounts remains at 15%, while non-filers now face a reduced rate of 30%. Zakat deduction will continue at 2.5%.

Officials stated that the revised rates aim to align savings returns with current financial conditions.