National Savings schemes compared (2026): which pays the most?
Work it out with the National Savings calculator →
From 1 October 2026 the highest National Savings (CDNS) rate is on Behbood Savings Certificates and the Pensioners’ Benefit Account: 12.72% a year, or Rs 10,600 a month on Rs 1 million, with no withholding tax. But only senior citizens, widows, persons with disabilities and pensioners can use them. For everyone else, Regular Income Certificates (11.76%) are the best monthly payer and Defence Savings Certificates (11.80%) the best for the long term.
All rates from 1 October 2026
| Scheme | Profit rate | Term and payment | Minimum |
|---|---|---|---|
| Behbood Savings Certificates | 12.72% | 10 years, monthly | Rs 5,000 |
| Pensioners’ Benefit Account | 12.72% | 10 years, monthly | Rs 10,000 |
| Defence Savings Certificates | 11.80% (if held 10 years) | 10 years, profit added to value | Rs 500 |
| Regular Income Certificates | 11.76% | 5 years, monthly | Rs 50,000 |
| Special Savings Certificates | 11.60% (12.90% in the 6th half-year) | 3 years, every 6 months | Rs 500 |
| Short Term Savings Certificates | 10.80% / 11.08% / 11.31% | 3 / 6 / 12 months, at maturity | Rs 10,000 |
| Savings Account | 10.00% | No fixed term, once a year (30 June) | Rs 100 |
One person can put up to Rs 7.5 million in Behbood, or Rs 15 million jointly with another eligible person. Regular Income, Defence, Special, Short Term and the Savings Account have no upper limit.
Who can invest in Behbood and Pensioners’ Benefit
Behbood Savings Certificates are only for Pakistani citizens who are:
- senior citizens aged 60 or over;
- widows, as long as they do not remarry (the husband’s death certificate and an attested undertaking are needed);
- persons with disabilities holding a CNIC with the disability logo, and minors with disabilities through a guardian;
- two eligible people (senior citizens or widows) investing jointly.
The Pensioners’ Benefit Account is for pensioners of the federal, provincial and AJK governments, the armed forces, and semi-government and autonomous bodies. If the pensioner has died, an eligible family member can invest. Only one account is allowed across Pakistan, with up to eight deposits in total. The CDNS page gives the upper limit as Rs 5 million in one place and Rs 7.5 million in another, so confirm it at your centre.
Profit on Rs 1 million, after tax
| Scheme | Paid | Before tax | Filer (15% deducted) | Non-filer (30% deducted) |
|---|---|---|---|---|
| Behbood / Pensioners’ Benefit | Monthly | Rs 10,600 | Rs 10,600 | Rs 10,600 |
| Regular Income | Monthly | Rs 9,800 | Rs 8,330 | Rs 6,860 |
| Special Savings | Every 6 months | Rs 58,000 | Rs 49,300 | Rs 40,600 |
| Short Term (12 months) | At maturity | Rs 113,100 | Rs 96,135 | Rs 79,170 |
| Savings Account | Yearly | Rs 100,000 | Rs 85,000 | Rs 70,000 |
| Defence (after 10 years) | On encashment | Rs 2,050,000 | Rs 1,742,500 | Rs 1,435,000 |
Special Savings pays Rs 64,500 in its sixth half-year (Rs 54,825 for a filer). Under the official Defence table, Rs 1 million grows to Rs 1.1 million after one year and Rs 3.05 million after ten; tax is on the profit part. For your own amount and term, use the National Savings calculator.
Tax: filers and non-filers
Under section 151 of the Income Tax Ordinance, CDNS deducts tax when it pays profit: 15% if you are on the FBR Active Taxpayers’ List and 30% if not, because the Tenth Schedule doubles the rate for non-filers. On Rs 1 million in Regular Income Certificates, that gap is Rs 1,470 every month.
Behbood, Pensioners’ Benefit and the Shuhada Family Welfare Account have no withholding. By law, tax on their profit cannot exceed 5%, settled through your return. On Rs 1 million a year’s profit is Rs 127,200, so the tax is at most Rs 6,360.
Which scheme suits you
- If you are eligible: Behbood or Pensioners’ Benefit. Highest rate and no tax deducted.
- You need monthly income: Regular Income Certificates. Minimum Rs 50,000, 5 years.
- You can leave the money for years: Defence Savings Certificates, but the full return only comes if you hold for 10 years. The first year works out to about 10%.
- A year or less: Short Term Savings Certificates.
- You want access any time: the Savings Account, with up to three withdrawals a week, but the lowest rate.
How to invest
- Go to a National Savings Centre. Form SC-1 (certificates) or DA-I (accounts) is free. Regular Income, Defence and Special Savings Certificates are also sold at authorised branches of scheduled banks and the State Bank.
- Take a copy of your CNIC (overseas Pakistanis: NICOP or POC; minors: Form B). Behbood needs proof of age, widowhood or disability; Pensioners’ Benefit needs proof of retirement such as the Pension Payment Order.
- Pay in cash and the certificate is issued the same day; by cheque or pay order, it starts from the date the payment clears.
Online: CDNS lets you open a digital account at account.nationalsavings.digital, used with the National Savings Digital app and internet banking. Its digital products include Regular Income, Special Savings and 3, 6 and 12-month Short Term certificates. Behbood and Defence certificates are not on that list.
The risk: rates change
CDNS revises its rates often, sometimes several times a year. Its own table shows Behbood paying Rs 1,400 a month per Rs 100,000 in October–November 2008 and only Rs 760 in August–September 2016. CDNS publishes separate rate tables for each period, so before you invest, ask your centre which rate will apply to your certificate and whether it can change later.
Common mistakes
- Investing as a non-filer and paying double tax on the profit.
- Cashing Defence certificates within a year and getting no profit at all.
- Breaking Behbood or Regular Income in the first year and paying a 1% or 2% service charge.
- Assuming that schemes exempt from zakat deduction are exempt from zakat. See how to calculate zakat.
Frequently asked questions
Which National Savings scheme gives the highest profit in October 2026?
Behbood Savings Certificates and the Pensioners’ Benefit Account, at 12.72% a year from 1 October 2026, paid monthly with no withholding tax. They are only for eligible people. For everyone else, Defence Savings Certificates (11.80% if held 10 years) and Regular Income Certificates (11.76%, paid monthly) are the highest.
How much monthly profit will Rs 1 million in Behbood give?
Rs 10,600 a month at 12.72%, with no withholding tax. Tax on Behbood profit cannot exceed 5% when you file your return.
How much tax is deducted on National Savings profit?
15% if you are on the FBR Active Taxpayers’ List and 30% if you are not, under section 151 of the Income Tax Ordinance. Behbood, Pensioners’ Benefit and Shuhada Family Welfare accounts have no withholding.
Can I invest in National Savings online?
CDNS offers a National Savings Digital account (opened at account.nationalsavings.digital) and lists digital versions of Regular Income, Special Savings and Short Term certificates. Behbood and Defence certificates are not on its digital product list, so buy those at a National Savings Centre.
Can I withdraw early?
Yes, from all schemes, but with a cost. Behbood and Pensioners’ Benefit charge 1% of the amount in year 1, falling to nil after 4 years. Regular Income charges 2% in year 1, falling to nil after 4 years. Defence certificates pay no profit if cashed within a year, and Special Savings none within six months.
Is zakat deducted from National Savings?
CDNS deducts zakat at source from Defence and Special Savings Certificates under the rules. Behbood, Regular Income and Short Term certificates and the Pensioners’ Benefit Account are exempt from deduction, but you still owe zakat on them yourself.
Calculators for this guide
- National Savings calculatorMonthly, half-yearly or maturity profit on Behbood, Regular Income, Defence, Special and Short Term certificates, Pensioners’ Benefit and Savings Account, after tax.
- Gold calculatorConvert gold between tola, gram, masha and ratti and work out its value at today’s rate for 24, 22, 21 or 18 karat.
- Zakat calculatorCalculate zakat on gold, silver, cash, bank savings and business stock, with nisab checked against today's silver or gold price.
Sources
- CDNS: latest profit rates, w.e.f. 1 October 2026, and scheme rate tables (PDF)
- CDNS: Behbood Savings Certificates (eligibility, limits, tax, zakat, encashment)
- CDNS: Pensioners’ Benefit Account
- CDNS: Regular Income, Defence, Special and Short Term Savings Certificates; Savings Account (scheme pages)
- CDNS: National Savings Digital (online account and app)
- FBR: Income Tax Ordinance 2001 amended up to 30 June 2026 (s.151; First Schedule Part III Division IA; Second Schedule Part III cl. 6 and Part IV cl. 36A; Tenth Schedule)
This guide explains the rules for general information. It is not official, legal or tax advice. Rules change, so check the official source or a qualified professional before acting. See how we check our information.