# National Savings certificates in Pakistan: current rates and which to choose

URL: https://which.pk/money/guides/national-savings-certificates/
Author: Ahtisham Imtiaz
Updated: 8 Oct 2026

## Summary

From 1 Oct 2026, National Savings pays 12.72% on Behbood Savings Certificates, the Pensioners Benefit Account and the Shuhada account, 11.80% on 10-year Defence Savings Certificates, 11.76% on Regular Income Certificates, and 10.80% to 11.31% on short-term certificates. Behbood, Pensioners and Shuhada profit has no withholding tax. The other schemes deduct 15% for filers and 30% for non-filers. Behbood is limited to people over 60, widows and persons with disability. Rates changed six times in 2026.

## Key facts

- Behbood / Pensioners: 12.72%
- Defence Savings (10 yr): 11.80%
- Tax on profit: 15% filer, 30% non-filer
- Rates as of: 1 Oct 2026

From **1 October 2026**, National Savings pays **12.72%** on Behbood Savings Certificates and the Pensioners Benefit Account, **11.80%** on 10-year Defence Savings Certificates, **11.76%** on Regular Income Certificates and **10.80% to 11.31%** on short-term certificates. Behbood, Pensioners and Shuhada profit is tax-free at source. Every other scheme deducts **15%** of the profit for filers and **30%** for non-filers.

**Monthly profit on Rs 10 lakh:** Rs 10,600 vs Rs 8,330 (Behbood (12.72%, no tax deducted) vs Regular Income Certificates (11.76%, after 15% filer tax). Rates from 1 Oct 2026.)

## What are the current National Savings profit rates?

Rates from the Central Directorate of National Savings (CDNS), effective 1 Oct 2026:

| Scheme | Rate a year | Term | Profit paid | Minimum | Who can buy |
|---|---|---|---|---|---|
| Behbood Savings Certificates (BSC) | 12.72% | 10 years | Monthly | Rs 5,000 | Over 60, widows, persons with disability |
| Pensioners Benefit Account (PBA) | 12.72% | 10 years | Monthly | Rs 10,000 | Government and armed forces pensioners |
| Shuhada Family Welfare Account (SFWA) | 12.72% | Not fixed | Monthly | Rs 10,000 | Families of martyrs |
| Defence Savings Certificates (DSC) | 11.80% | 10 years | At encashment | Rs 500 | Everyone |
| Regular Income Certificates (RIC) | 11.76% | 5 years | Monthly | Rs 50,000 | Everyone |
| Special Savings Certificates (SSC) | 11.60%, then 12.90% in the last 6 months | 3 years | Every 6 months | Rs 500 | Everyone |
| Short Term Savings Certificates (STSC) | 10.80% (3 months), 11.08% (6 months), 11.31% (12 months) | 3 to 12 months | At maturity | Rs 10,000 | Everyone |
| Savings Account | 10.00% | Open | Monthly | n/a | Everyone |

News reports give the Special Savings rate as 11.82%. That is the 3-year average: five six-month payments of Rs 5,800 and one of Rs 6,450 on each Rs 100,000.

**Rates change often:** The Behbood rate changed six times in 2026 alone: 12.48% in early January, 12.00% from 23 January, 13.20% from 10 June, 12.96% from 18 July, 12.60% from 4 September and 12.72% from 1 October. Check savings.gov.pk before you invest.

## How much tax is deducted on National Savings profit?

For Defence Savings, Regular Income, Special Savings and Short Term certificates, CDNS deducts **15%** of the profit if you are on FBR's Active Taxpayer List (ATL), and **30%** if you are not. FBR's rate card for 2026-27 has the same 15% and 30%. Bank deposit profit is taxed more: 20% for filers and 40% for non-filers.

Behbood, Pensioners Benefit and Shuhada accounts have **no withholding tax**. To get the lower 15% rate, see [how to become a filer](/business/guides/how-to-become-filer/).

## Do National Savings certificates beat inflation?

Barely, and only for some schemes. CPI inflation was **10.3%** in September 2026, according to the Pakistan Bureau of Statistics. After 15% filer tax:

| Scheme | Before tax | After filer tax (15%) | After non-filer tax (30%) |
|---|---|---|---|
| Behbood / Pensioners / Shuhada | 12.72% | 12.72% (no tax) | 12.72% (no tax) |
| Defence Savings | 11.80% | 10.03% | 8.26% |
| Regular Income | 11.76% | 10.00% | 8.23% |
| Short Term, 12 months | 11.31% | 9.61% | 7.92% |

So at September's inflation, only the tax-free schemes stay clearly ahead. A filer in Defence Savings or Regular Income ends up just below inflation. A non-filer is about 2 points behind.

## How do I calculate my profit? (National Savings calculator)

Divide your amount by Rs 100,000 and multiply by CDNS's figure per lakh:

- **Behbood or Pensioners:** Rs 1,060 a month per Rs 100,000. Rs 25 lakh pays Rs 26,500 a month.
- **Regular Income:** Rs 980 a month per Rs 100,000 before tax, Rs 833 after 15% filer tax.
- **Defence Savings:** Rs 100,000 grows to Rs 110,000 after 1 year, Rs 166,000 after 5 years and **Rs 305,000 after 10 years** at the 1 Oct 2026 rate, before tax.
- **Short Term:** Rs 2,700 for 3 months, Rs 5,540 for 6 months, Rs 11,310 for 12 months, per Rs 100,000.

## What is the difference between Behbood, Pensioners and Shuhada accounts?

All three pay the same 12.72% monthly and have no withholding tax. The difference is who qualifies:

- **Behbood Savings Certificates:** Pakistanis aged 60 or above, widows who have not remarried, two such people jointly, persons with disability holding a CNIC with the disability logo, and special minors through a guardian. Limit Rs 7.5 million single, Rs 15 million joint. A widow needs her husband's death certificate and an attested stamp-paper undertaking that she has not remarried.
- **Pensioners Benefit Account:** pensioners of federal, provincial and AJK governments, the armed forces, semi-government and autonomous bodies, or their eligible family after the pensioner's death. One account only, with proof of retirement.
- **Shuhada Family Welfare Account:** family members of martyrs from the armed forces, law enforcement, and civilians killed in terrorist attacks, with a certificate from the department or the deputy commissioner.

CDNS's own pages disagree on the Pensioners and Shuhada maximum: the summary box says Rs 50 lakh, the text says Rs 75 lakh. Ask at the counter before you deposit a large amount.

## Which certificate should I choose?

Each line follows from the rules above:

- **You are over 60, a widow or a pensioner:** Behbood or Pensioners pays the highest rate (12.72%) with no tax deducted and monthly income.
- **You want monthly income and don't qualify for Behbood:** Regular Income Certificates pay monthly, minimum Rs 50,000, 15% tax for filers.
- **You don't need income for years:** Defence Savings compounds for 10 years from Rs 500. Encashing before one full year earns no profit.
- **You may need the money within a year:** Short Term certificates run 3, 6 or 12 months. They can't be encashed in the first month.
- **You want a middle option:** Special Savings runs 3 years and pays every 6 months. There is no encashment charge, but no profit if you encash within 6 months.

Early exit costs money on monthly schemes. Behbood and Pensioners deduct 1% of the amount in year one, falling to 0.25% in year four. Regular Income deducts 2% in year one, falling to 0.5% in year four. There is no charge after four years.

## Where do I buy National Savings certificates?

Defence Savings, Regular Income and Special Savings certificates are sold at National Savings Centres, authorised bank branches and the State Bank of Pakistan, on form SC-I. Behbood is sold only at National Savings Centres, and CDNS lists only National Savings Centres for Short Term, Pensioners and Shuhada. You need your CNIC; overseas Pakistanis can use a NICOP or Pakistan Origin Card. Cash buys the certificate the same day; a cheque or pay order counts from the date it clears.

More guides: [Investment options in Pakistan compared](/money/guides/investment-options-pakistan/), [mutual funds in Pakistan](/money/guides/mutual-funds-pakistan/), [Roshan Digital Account investments](/money/guides/roshan-digital-account-investment/), [filer vs non-filer](/business/guides/filer-vs-non-filer/), [Investing](/money/investing/).

## Questions people ask

### What is the Behbood Savings Certificate profit rate in 2026?

12.72% a year from 1 Oct 2026, paid monthly as Rs 1,060 on each Rs 100,000. No withholding tax is deducted.

### What are the new Defence Savings Certificates rates?

11.80% a year from 1 Oct 2026. At that rate Rs 100,000 grows to Rs 305,000 after 10 years, before tax.

### How much tax is deducted on National Savings profit?

15% of the profit if you are on FBR's Active Taxpayer List, 30% if you are not. Behbood, Pensioners Benefit and Shuhada accounts have no withholding tax.

### Who can buy Behbood Savings Certificates?

Pakistanis aged 60 or above, widows who have not remarried, persons with disability holding a CNIC with the disability logo, and special minors through a guardian.

### Can overseas Pakistanis buy National Savings certificates?

Yes. Defence Savings, Regular Income, Special Savings and Short Term certificates are open to overseas Pakistanis with a NICOP or Pakistan Origin Card.

## Sources

- [Latest Profit Rates](https://savings.gov.pk/latest-profit-rates/), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Defence Saving Certificate profit rates w.e.f. 1 Oct 2026](https://savings.gov.pk/wp-content/uploads/2026/10/Defence-Saving-Certificate_wef01X26-DSC.pdf), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Profit rates BSC, PBA, SFWA w.e.f. 1 Oct 2026](https://savings.gov.pk/wp-content/uploads/2026/10/BSC-PBA-SFWA_wef01X26.pdf), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Regular Income Certificates profit rates w.e.f. 1 Oct 2026](https://savings.gov.pk/wp-content/uploads/2026/10/RIC_wef_01X26.pdf), Central Directorate of National Savings (accessed 8 Oct 2026)
- [SSA / SSC profit rates w.e.f. 1 Oct 2026](https://savings.gov.pk/wp-content/uploads/2026/10/SSA-SSC-RIC-STSC._wef01X26pdf.pdf), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Short-Term Savings Certificates profit rates w.e.f. 1 Oct 2026](https://savings.gov.pk/wp-content/uploads/2026/10/STSC-1_01X26.pdf), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Behbood Savings Certificates](https://savings.gov.pk/behbood-savings-certificate/), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Defence Savings Certificates](https://savings.gov.pk/defence-savings-certificates/), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Regular Income Certificates](https://savings.gov.pk/regular-income-certificates/), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Pensioners Benefit Account](https://savings.gov.pk/pensioners-benefit-account/), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Shuhadas Family Welfare Account](https://savings.gov.pk/shuhadas-family-welfare-account/), Central Directorate of National Savings (accessed 8 Oct 2026)
- [Withholding Income Tax Rate Card (Finance Act 2026)](https://download1.fbr.gov.pk/Docs/202681113864992WithholdingTaxRatesCard2027.pdf), FBR (accessed 8 Oct 2026)
- [Monthly Review on Price Indices, September 2026](https://www.pbs.gov.pk/wp-content/uploads/2020/07/Monthly-Review-September2026.pdf), Pakistan Bureau of Statistics (accessed 8 Oct 2026)
- [CDNS raises profit rates across key savings instruments](https://mettisglobal.news/CDNS-raises-profit-rates-across-key-savings-instruments-63895), Mettis Global (accessed 8 Oct 2026)