Special Savings Account

Special Savings Account
The details on Special Savings Account are here. For the information, this account is open for the entire general public, and its maturity span is up to three years. You will get the profit on a bi-annual basis, and the mode of investment is done by cheque or cash.
General details
Rs 500 is the minimum investment limit, and there is no maximum investment limit if you want to open and register for this Special Savings Account. No doubt, a grand investment scheme is in front of you. It was launched in February 1990, and on the completion of six months, you get the profit.
Who can apply?
In addition, Pakistani nationals can get register for this respective savings account. Moreover, this scheme is open for overseas Pakistanis as well. According to the current stats, many people have shown their interest in opening this account, and the number is getting higher day by day.
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Special Savings Account - National Savings

Special Savings Account

Form filling process

You have to fill out the DA-1 form, and the staff of the national savings centre will open your savings account. You have to give certain documents, and if you do not submit the documents, your report will fail to open up officially.

Mode of depositing

The mode of depositing information is written over here. You can put your money in this national savings account by giving cash, or you can provide the cheque as well. Reach to the issuing office, and they will guide you further and adequately.

Once your savings account is open and you will deposit the money, you will get the withdrawal slip and the passbook. You have to keep both of these documents safe at your end.

You have to make the deposits by keeping in mind the minimum and maximum investment limit, and here are the details that you can keep in mind. The minimum investment limit is Rs 500, and there is no maximum investment limit.

    The person needs to make the deposits in multiples of Rs.500/-. That is an important point that you have to keep in mind. You can withdraw the cash anytime, and there is no rule and policy that you have to abide by in this regard.

You will not get any profit if you withdraw the deposited amount right before the completion of six months. The amount of withdrawal will come in the form of multiples of Rs 500/-. So, to get the national savings profit, make sure that you complete six months to become eligible in terms of getting profit.

In this savings account, you will be giving some amount of tax, and the amount varies for filers and non-filers. For filers, they have to provide the tax amount of 15%, and the non-filers have to give 30% of the yield. So far, this is the official figure that we have shared with you.

In addition, when you withdraw your principal amount, then zakat will be deducted. For more details, you can ask their team regarding the zakat deduction policy because you will not get zakat exemption in this Special Savings Account.

Special Savings Account

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