January 2024 Update: Qaumi Bachat Bank Announces New Profit Rates for Defence Savings Certificates

The National Savings Organization, or Qaumi Bachat Bank, is Pakistan’s largest financial organization. Its portfolio is valued at about Rs3.4 trillion, and it serves more than four million consumers across the country.

The bank has played an important role in developing a savings culture in Pakistan, as well as providing funding for the government to cover budget shortfalls and infrastructure projects.

The bank sells a variety of goods, including Defence Savings Certificates, to both Pakistani nationals and Pakistanis living overseas.

These certificates have a 10-year maturity duration and are available in amounts of Rs.500, Rs.1,000, Rs.5,000, Rs.10,000, Rs.50,000, Rs.100,000, Rs.500,000, and Rs.1,000,000.

Customers can acquire a Defence Savings Certificate by depositing cash, a check, a draft, or a pay order at the Issuing Office.

Also Read: Top-Performing Assets of Pakistan in 2023

The certificates can be encashed at any time following the purchase date, but no profit will be paid if encashed before one year. Taxes apply to these certificates.

The bank recently increased the profit rates for its various products, including Defence Savings Certificates.

According to the most recent report, the profit rate for Defence Savings Certificates is 14.1 percent.

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