What National Savings is
National Savings is the government savings programme run by the Central Directorate of National Savings (CDNS). It sells certificates, savings accounts and prize bonds to the public. The money raised is borrowing by the Government of Pakistan, so these schemes are sovereign-backed. That is why many savers treat them as a lower-risk alternative to bank deposits. People sometimes search for "CSD national savings", but the correct short name is CDNS.
Each scheme has a fixed set of rules covering tenor (how long your money stays invested), how often profit is paid, who may invest and what happens if you cash out early. These rules are set by the government and published by CDNS. They can change, so read the current official terms before you invest.
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Savings certificates and accounts at a glance
| Scheme | Who it is aimed at | Profit pattern | Our guide |
|---|---|---|---|
| Defence Savings Certificates | Long-term savers | Profit builds up and is paid on maturity or encashment | Defence Savings Certificates |
| Special Savings Certificates | Medium-term savers | Profit paid at set intervals | Special Savings Certificates |
| Regular Income Certificates | Savers who want a steady payout | Profit paid monthly | Regular Income Certificates |
| Short Term Savings Certificates | Savers with a short horizon | Profit paid on maturity | Short Term Savings Certificates |
| Bahbood Savings Certificates | Widows, senior citizens and other groups named in the rules | Profit paid monthly | Bahbood Savings Certificates |
| Pensioners' Benefit Account | Retired pensioners | Profit paid monthly | Pensioners' Benefit Account |
| Shuhada Family Welfare Account | Families of martyrs | Profit paid monthly | Shuhada Family Welfare |
| Sarwa Islamic Savings Account | Savers who want a Shariah-compliant option | Profit under an Islamic structure | Sarwa Islamic Account |
| Prize bonds | Savers who accept draws instead of fixed profit | Prizes by draw, no regular profit | Prize bonds |
For a wider comparison with bank products, see Savings and deposits.
Who is eligible
Most general schemes, such as Defence, Special and Regular Income certificates, are open to adult Pakistani citizens with a valid CNIC. Some rules also allow investment for minors through a guardian, and joint holdings.
Several schemes are restricted to specific groups:
- Bahbood Savings Certificates for the groups listed in the CDNS rules, such as widows and senior citizens.
- Pensioners' Benefit Account for retired government and other eligible pensioners.
- Shuhada Family Welfare Account for families of martyrs, as defined in the rules.
Age limits, documents, investment limits and rules for overseas Pakistanis are set by CDNS and can change. Check the current eligibility on the official CDNS website or at a National Savings Centre before applying.
How to invest
The usual route is:
- Choose a scheme and read its current terms on the CDNS website.
- Visit a National Savings Centre, or use an official CDNS digital channel if one is available to you.
- Bring your original CNIC and any extra document the scheme asks for, such as a pension book for the Pensioners' Benefit Account.
- Fill in the application form and name a nominee.
- Pay the amount and keep the certificate or account record safe.
Exact forms, payment methods and online options are listed by CDNS. Do not rely on unofficial agents or WhatsApp groups that offer to "invest for you".
National Savings profit rates: where to find current ones
CDNS revises profit rates from time to time, often after changes in market interest rates. We do not list current rates on this page because they change and must be read from the source. To get them:
- Open the official CDNS website and find the current profit rate table. Note the date shown with the table.
- For tax on profit, check the current withholding rates published by FBR.
- For Shariah-compliant funds and market returns, MUFAP publishes fund data.
Rates for different schemes usually move in the same direction as the SBP policy rate, though not always at once or by the same amount. The latest decision on our records: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC). More context is on SBP rates and economy.
To estimate what a given rate means in rupees, use the National Savings profit calculator. For the effect of inflation, try the real return calculator.
Tax and zakat
Profit on National Savings schemes is generally subject to withholding tax. The rate can differ for filers and non-filers on FBR's Active Taxpayers List. Zakat may be deducted on some schemes unless you have filed a valid exemption declaration. Check current FBR rules and the CDNS terms. Prize bond tax is covered on Prize bond tax, and zakat on the zakat calculator.
How this compares with other options
National Savings schemes pay a profit set by the government, and your capital is backed by the state. Bank deposits are covered by the Deposit Protection Corporation up to its limits. Mutual funds, T-bills and PIBs and PSX shares carry market risk.
Leveraged forex and CFD trading is a different activity. It can lose money fast, and it is not a substitute for savings. For the legal position in Pakistan, see Law and regulators.
Frequent questions
Are National Savings schemes safe?
They are government borrowing, so the main credit risk is the state. Your real return can still be negative if inflation is higher than the profit rate.
Where do I check the latest national savings profit rates?
On the official CDNS website. Note the date shown with the rate table, because rates are revised from time to time.
Can I cash out early?
Most certificates allow early encashment. Some deduct a service charge or pay a lower profit. Check the current rules for your scheme.
Is there an Islamic option?
Yes. CDNS offers the Sarwa Islamic Savings Account. Read its structure and current terms on the official site.
Do I need to be a tax filer?
No, you do not need to be a filer to invest. However, filers and non-filers can face different withholding tax rates on profit. Check current FBR rates.
What does "CSD national savings" mean?
It is a common misspelling of CDNS, the Central Directorate of National Savings, which runs these schemes.