Name of the Organization : Central Directorate of National Savings
Type of Facility : Behbood Savings Certificate (BSC) Scheme
Country :Pakistan
Website : savings.gov.pk
Behbood Savings Certificate Scheme
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.
Related : Pakistan National Special Savings Account Opening Procedure : www.statusin.org/2140.html
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.
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. AT 1.00% of the face value
if encashed after one year but before completion of 02 years from the date of purchase. AT 0.75% of the face value
if encashed after two years but before completion of 03 years from the date of purchase. AT 0.50% of the face value
if encashed after three years but before completion of 04 years from the date of purchase. AT 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.1170/- is paid on investment of each Rs.100,000/-. This way the profit rate works to 14.04% p.a. Automatic reinvestment of profit facility to earn further profit is not admissible in this scheme at the scheme’s rate. The monthly profit, if not drawn on due date shall not earn further profit.
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.
View Comments (7)
I visited to purchase BSC from one of peshawer branch , I check with manager to purchase BSC , I am Overseas Pakistani citizen, he check my NICOP ( Pakistan ID ) and refuse to issue me BSC , because I am overseas Pakistani citizenship, I tell him accordingly saving center law every Pakistani citizen age over 60 can purchase BSC .
Saving organization should send circular to all their branches to facilitate customer, because they don’t have enough knowledge about overseas Pakistani, because Pakistani want to invest in saving schemes, but lack of knowledge lot of overseas Pakistani suffer, and cannot get desired services, hopefully Mangement check the matter and resolve overseas Pakistani problems. Thank you
I have purchased BSC dated 11th December 2016. If I Cash them on 12-09-2018, what is the rate of service charges applied?
I purchase behbood certificate in July 2015 and desire to encash now, the department concerns 1 percent service charges. Is it correct?
Is it possible to get the monthly profit from bank instead going to the saving account office where there is too much rush and old and sick people cannot wait hours and hours.
Kindly contact your nearest bank branch for your queries.
What is the latest limit and the latest rate of profit with effect from 1.7.2016?
This is very good scheme introduced by govt of Pakistan but the limit should be increased so we can invest more goods for seniors and others appreciate this scheme..