What Special Savings Certificates are
Special Savings Certificates (SSC) are a fixed-tenor savings product from the Central Directorate of National Savings (CDNS), the government body that runs the National Savings schemes. You put money in for a set period and receive profit at intervals during that period. The amount you invested is returned at maturity.
The scheme is government-backed. The return comes from a profit rate that CDNS announces and revises from time to time. It does not come from market trading.
For the wider picture of National Savings products, see National Savings schemes and Savings and deposits.
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Special Savings Certificate or Special Savings Account
National Savings SSC is offered in two forms:
| Form | How it is held | Typical use |
|---|---|---|
| Special Savings Certificates | Issued as certificates in your name | Savers who prefer a separate record for each investment |
| Special Savings Account | Held as an account at a National Savings Centre | Savers who want several investments kept under one account |
The two forms generally follow the same profit structure. Check the current terms for each form on the CDNS official website or at a National Savings Centre before you invest. These include minimum and maximum amounts, who may invest, and joint holding rules.
Tenor and profit payments
The tenor is the period your money stays invested. SSC has a fixed tenor set by CDNS. Profit is paid at regular intervals during the tenor rather than all at maturity.
Profit rates under SSC can differ between payment periods. In past schedules, later periods have carried a different rate from earlier ones. Read the full rate table for your issue, not only the headline figure.
The rate on the date you invest usually applies to that investment. A rate revision normally affects new investments. CDNS rules decide how a revision applies to existing holdings, so confirm this for your own certificates.
Check the tenor, the payment interval and the rate table on the current CDNS profit rate notice.
How the SSC profit rate is set
The SSC profit rate is announced by the government through CDNS. It is reviewed in line with market interest rates. The main reference for market rates in Pakistan is the State Bank of Pakistan (SBP) policy rate.
The latest SBP decision recorded on this site: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC).
National Savings rates are not tied to the policy rate by a fixed formula. When the policy rate rises or falls, CDNS rates often move in the same direction after some delay, but this is not guaranteed. For background on the policy rate, see SBP rates and economy.
To find the current special saving certificate rate:
- Open the profit rates page on the official CDNS website.
- Check the effective date printed on the rate notice.
- Note the rate for each payment period, not only the headline rate.
- Compare it with the rate at your nearest National Savings Centre if you invest in person.
Tax and zakat on SSC profit
Profit on SSC is subject to withholding tax, which is deducted before the profit reaches you. The Federal Board of Revenue (FBR) sets the rate. It usually differs between people on the Active Taxpayers List (filers) and those who are not on it. The non-filer rate has generally been higher.
Check the current withholding tax rate in the FBR withholding tax card or the CDNS notice for the tax year in which the profit is paid.
Zakat may be deducted from the invested amount under the zakat rules. A saver who is exempt can usually file a zakat exemption declaration at the time of investment. Confirm the current procedure with CDNS.
For other tax topics, see Payments, tax, Islamic banking.
Encashing before maturity
You can usually encash SSC before the end of the tenor. Early encashment normally carries a service charge or a reduced profit, depending on how long the money was held. In some cases, profit already paid can be adjusted against the amount returned.
Read the encashment rules on the current CDNS notice before investing money you may need soon. If you are likely to need the money sooner, a product with a shorter tenor may suit you better, such as Short Term Savings Certificates.
Estimate your SSC profit
Use the calculator below to estimate profit for a given amount, rate and tenor. Enter the current CDNS rate and your withholding tax rate. Choose simple interest for SSC-style profit that is paid out at intervals. Choose compound interest only if you plan to reinvest the profit.
Fill in the empty fields to see the result.
Simple: P × r × t. Compound: interest is added to the balance each period; effective annual rate = (1 + r/n)^n − 1. Tax is withheld each time interest is credited.
The result is an estimate. Your actual payments depend on the rate table for your issue, the tax rate on the payment date and any zakat deduction. For National Savings products you can also use the Profit calculator.
How SSC compares with other options
| Option | Who sets the return | Where to read more |
|---|---|---|
| Special Savings Certificates | Government, through CDNS | This page |
| Defence Savings Certificates | Government, through CDNS | Defence Savings Certificates |
| Regular Income Certificates | Government, through CDNS | Regular Income Certificates |
| Bank term deposits | Each bank | Bank deposits |
| T-bills and PIBs | Government auctions | T-bills and PIBs |
| Mutual funds | Market performance, not fixed | Mutual funds |
Leveraged forex and CFD trading is a different activity from saving. It can lose money fast, including the full amount deposited. On offshore platforms, per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan. See Law and regulators for details.
Frequent questions
What is the current SSC profit rate?
The rate is revised from time to time. Check the latest profit rate notice on the official CDNS website and note its effective date.
Is the Special Savings Account the same as SSC?
It is the account form of the same scheme. The profit structure is generally the same. Check the current terms for each form with CDNS.
How often is SSC profit paid?
Profit is paid at fixed intervals during the tenor. The current CDNS notice shows the exact schedule.
Is tax deducted from SSC profit?
Yes. Withholding tax is deducted at the rate set by the FBR. The rate usually differs for filers and non-filers.
Can I get my money back early?
Usually yes. Early encashment can reduce the profit you receive or carry a charge, so read the CDNS rules first.
Does the SBP policy rate change my SSC rate?
Not directly. CDNS rates tend to follow market rates over time, but each revision is a separate government decision.