October 9, 2023 (MLN): The National Savings has recently unveiled its latest Sarwa Islamic Term Account (SITA) rates, presenting attractive investment opportunities through Islamic certificates.
According to the details available, for a one-year SITA account, the expected rate per annum is 21.8% while for three, and five years rates will stand at 18.33% and 15.12%, respectively.
Profit is payable on maturity in case of one-year SITA, half-yearly in case of three-year SITA, and monthly in case of five-year SITA.
To note, the yearly profit per Rs100,000 invested will be Rs21,800 for one year, a half-yearly profit of Rs9,165 for three years, and a monthly profit of Rs1,260 for five years.
SARWA ISLAMIC TERM ACCOUNT “SITA”
1 Year : Expected Rate 21.8% per annum – Rs 21800 per 100000/-
3 Years (Bi-Annual Profit): Expected Rate 18.33% per annum – Rs 9165 per 100000/-
5 Years (Monthly Profit): Expected Rate 15.12% per annum – Rs 1260 per 100000/-
This investment scheme was launched on May 29, 2023, with a maturity period of one, three & five years where the profit is paid on the completion of the term period on maturity and biannually i.e after six months or on completion of three years, as the case may be.
All Pakistani Nationals and overseas Pakistanis are eligible to invest in SITA.
The minimum deposit limit is Rs50,000, while there is no limit on maximum investment.
Moreover, for the ease of investors, SITA is withdrawable at any time after the date of purchase. However, in case of withdrawal before maturity, profit will be payable at the average rate of SISA for the completed months. Further service charges would be applicable for five-year SITA.
