ISLAMABAD: National Savings Centre, commonly known as Qaumi Bachat Bank, continues to offer its long-standing savings account product, which aims to provide small investors with a safe way to meet their day-to-day financial needs. Have to find out.
A savings account allows flexibility, giving its investor a great facility to withdraw money up to three times a week.
Open to all Pakistani citizens and expatriates are eligible to open their own savings accounts which can be held individually or jointly with joint or single user access options. Additionally, adults can open accounts for minors under their guardianship.
A minimum investment limit for a savings account is set at Rs 100, with no maximum investment limit.
Recent changes in interest rates, effective from September, have reduced the rate to 16% per annum from the previous 19%.
Profit is calculated annually and collected based on the minimum monthly balance as on 30th June.
The National Savings Centre also adheres to tax regulations, applying a 15 percent Withholding Tax for those on the Active Taxpayer List (ATL), while those not on the list are subject to a higher 35 percent rate, meanwhile, Zakat is deducted as per the applicable rules.
