ISLAMABAD, Nov 29: The government has set up special counters to facilitate expatriates working in UAE in buying National Saving Schemes, says a press release issued here on Wednesday.
The special counters has been set up at the designated branches of Habib Bank Limited and United Bank Limited.
The step has been taken keeping in view the longstanding demand of overseas Pakistanis in this regard.
These certificates are backed by an irrecoverable guarantee of the government and there is no upper limit for investment, the minimum denomination is Rs500 and the certificates are available in denominations ranging up to Rs1 million. The certificates purchased in foreign currency are exempt from income tax and levy of Zakat and are also easily transferable from one person to another, from one branch of issue to another branch of the respective bank.
The Defence Savings Certificate, is of 10 years maturity and the average rate of profit is 11.61 per cent per annum on maturity. Thus the value of a certificate for Rs500 becomes Rs1,500 on maturity, a three-fold increase.
