Pakistan National Special Savings Certificate Registered (SSCR) Scheme
Name of the Organization : Central Directorate of National Savings
Type of Facility : Special Savings Certificate Registered (SSCR) Scheme
Country :Pakistan
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Website : savings.gov.pk
Related : Pakistan National Regular Income Certificate Scheme : www.statusin.org/2129.html
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Special Savings Certificate Scheme :
Keeping in view the periodic needs of depositors, this three years’ maturity scheme was introduced in February, 1990.
These certificates can be purchased by depositing cash at the issuing office or by presenting a cheque.
These certificates are available in the denomination of Rs.500, Rs.1000, Rs.5,000, Rs.10,000, Rs.50,000, Rs.100,000, Rs.500,000 and Rs.1,000,000. Profit is paid on the completion of each period of six months.
Who Can Invest :
These certificates can be purchased 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 purchase these certificates on behalf of a single minor, two minors jointly or himself/herself and a minor jointly. Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.
How To Purchase :
These certificates can be purchased from any National Savings Centre (NSC), Pakistan Post Office (PPO), Authorized branches of Scheduled Banks branches and the offices of State Bank of Pakistan (SBP) by filling in a prescribed form called SC-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National Identity Card (CNIC) or in case of a foreign national, a copy of the Passport is required to be attached with the application form.
Download Form : savings.gov.pk
Mode of Deposit :
The certificates shall immediately be issued on receipt of cash. However, in case of deposit through cheque the certificates shall be issued from the date of realization of the cheque after receipt of the clearance advice.
What Is The Investment Limit :
The minimum investment limit is Rs.500/-, however, there is no maximum investment limit in the scheme.
What About Redemption :
These certificates are encashable at par any time after the date of purchase. However, no profit is payable if the encashment is made before completion of six months.
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 Will I Get As Profit :
At prevailing rates, the profit is paid AT 11.40% p.a. for 1st five profits and AT 12.00% p.a. for the last profit. However, if the profit is not withdrawn on due date it will automatically stand reinvested and would be calculated for further profit on completion of the next 06 months’ period.
Tax & Zakat Status :
Exemption of deduction of Withholding tax has been withdrawn w.e.f 01-07-2013 on profit of investment upto Rs.150,000/-. The profit earned on these certificates is subject of deduction of 10% withholding tax at source. Zakat is collected at source as per rules.