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

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.

What are the current National Savings profit rates?

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

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.

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.

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:

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, mutual funds in Pakistan, Roshan Digital Account investments, filer vs non-filer, Investing.