Name of the Organization : Central Directorate of National Savings
Type of Facility : Special Savings Account (SSA) Opening Procedure
Country :Pakistan
Website : savings.gov.pk
Related : Pakistan National Savings Account Opening Procedure : www.statusin.org/2136.html
Special Savings Account Opening Procedure :
A three years maturity scheme introduced in February, 1990. The deposits are maintained in form of an account. Profit is paid on the completion of each period of six months.
No profit is payable in case the withdrawals are made before completion of 6 months.
Who Can Invest :
The account can be opened by an individual in his name or in the name of minor(s) dependent on him or by two individuals jointly in their names. Institutions may also invest individual funds such as pension, gratuity, superannuation, contributory provident funds and trusts etc.
How To Invest :
These accounts can be opened at any National Savings Centre (NSCs) and Pakistan Post Office (PPO) by filling in a prescribed form called DA-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National Identity (CNIC) Card or in case of a foreign national, a copy of the Passport may be attached with the application form.
Download Form : savings.gov.pk
Mode of Deposit :
The accounts can be opened by depositing cash at the issuing office or by presenting a cheque. The passbook and withdrawal slip shall immediately be issued on receipts of cash. However, in case of deposit through cheque the account shall be opened 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.500/-. There is not maximum limit, however, the deposits are required to be made in multiple of Rs.500/-.
When Can I Withdraw my deposits :
The amount be withdrawn at par any time after the date of its deposit.
What Will I Get As Profit :
At the prevailing rates the profit is paid AT 11.40% p.a. for 1st five profits and the last profit AT 12.00% p.a. However, if the profit is not withdrawn on due date, it will automatically stand reinvested and would be calculated for further profit on completion of the next 06 months period. The facility of automatic re-investment on maturity of Deposits in SPECIAL SAVINGS ACCOUNT is available.
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Exemption of deduction of Withholding tax has been withdrawn w.e.f 01-07-2013 on profit of investment upto Rs.150,000/-.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 accounts is subject of deduction of 10% withholding tax at source. The Zakat is collected at source as per rules at the time of withdrawal of principle amount. However, Zakat is not collected in case of reinvestment.