Qaumi Bachat Bank ‘Savings Account’ latest profit rate - October 2024
- By Web Desk -
- Oct 22, 2024
KARACHI: The National Savings Centre, commonly known as Qaumi Bachat Bank, continues to offer its longstanding Savings Account product, aimed at small investors looking for secure ways to meet their day-to-day financial needs.
Savings account allows flexibility, gives a great facility to its investor for withdrawing up to three times a week.
Open to all Pakistani nationals and overseas are eligible to open their saving accounts which can be held individually or jointly, with options for shared or single-user access. Additionally, adults can open accounts for minors under their guardianship.
Savings Account Investment limit
The minimum investment limit for a Savings Account is set at Rs 100, with no maximum investment cap.
Recent changes to the profit rates, effective from September, have decreased the rate to 16 percent annually, down from the previous 19 percent.
Profits are calculated annually and credited on June 30th, based on minimum monthly balances.
The National Savings Centre also adheres to tax regulations, applying a 15 percent Withholding Tax for those on the Active Tax Payer 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.