The Sarwa Islamic Savings Account is National Savings’ Shariah-compliant savings account, and after the 21 October 2026 revision it pays an expected 11.84% a year. It is offered by Rafa National Savings (RNS), the separate Islamic window of the Central Directorate of National Savings (CDNS). This guide explains the Sarwa accounts, current rates, monthly profit, tax and how to invest.
Last updated: 31 October 2026 by Ahmed.
What Is Rafa National Savings?
Rafa National Savings is the Islamic window of CDNS. It runs government-backed savings products under a Shariah board and a Shariah governance framework, so savers who avoid interest can still invest with National Savings. CDNS raised Rs 61 billion through Islamic products in the first 11 months of 2025-26, beating its target, and has set a target of Rs 85 billion for 2026-27.
Sarwa Islamic Products and Rates
| Product | Term | Expected yearly rate | Rate date |
|---|---|---|---|
| Sarwa Islamic Savings Account (SISA) | No fixed term | 11.84% | 21 October 2026 |
| Sarwa Islamic Term Account (SITA) | 1 year | 10.93% | 26 May 2026 (latest we could confirm) |
| Sarwa Islamic Term Account (SITA) | 3 years | Check CDNS | Not published in our sources |
| Sarwa Islamic Term Account (SITA) | 5 years | 11.16% | 26 May 2026 (latest we could confirm) |
Monthly Profit on the Sarwa Islamic Savings Account
| Amount | Monthly profit at 11.84% (before tax) | After 15% tax (filer) |
|---|---|---|
| Rs 100,000 | Rs 987 | Rs 839 |
| Rs 500,000 | Rs 4,933 | Rs 4,193 |
| Rs 1,000,000 | Rs 9,867 | Rs 8,387 |
| Rs 5,000,000 | Rs 49,333 | Rs 41,933 |
How the Sarwa Islamic Savings Account Works
- Your money is placed in a Shariah-compliant pool managed by Rafa National Savings, under the oversight of its Shariah board.
- CDNS announces an expected profit rate, which it revises from time to time in line with market rates.
- The account is backed by the Government of Pakistan, like other National Savings schemes.
- The term accounts lock your money for 1, 3 or 5 years in return for a set expected rate.
Tax on Sarwa Islamic Profit
CDNS deducts withholding tax on profit: 15% for filers on the Active Taxpayers List and 30% for non-filers. See how to become a filer.
How to Invest in the Sarwa Islamic Savings Account
- Visit a National Savings centre with your original CNIC, or check the CDNS website for current online options.
- Fill in the account opening form for the Sarwa Islamic Savings Account or the term account you want.
- Provide your bank details for profit payments, if the centre offers direct credit.
- Deposit the amount and keep your account documents safe.
Sarwa Islamic vs Other Options
- Compared with the regular National Savings Accounts, the Sarwa account pays more in late 2026 and suits savers who avoid interest.
- Compared with National Savings certificates such as the Regular Income Certificate, it pays slightly less but has no fixed term.
- Compared with Islamic bank savings accounts, it is government-backed but you cannot use it like a bank current account.
Free tool: work out your monthly and yearly profit, before and after tax, with our bank profit calculator.
Frequently Asked Questions
What is the current profit rate of the Sarwa Islamic Savings Account?
11.84% a year after CDNS revised rates on 21 October 2026.
Is the Sarwa Islamic Savings Account halal?
It is offered by Rafa National Savings under a Shariah board and Shariah governance framework, as CDNS’s Shariah-compliant window.
What is Rafa National Savings?
It is the separate Islamic window of the Central Directorate of National Savings that offers the Sarwa Islamic products.
How much profit will I get on Rs 1 lakh in the Sarwa account?
About Rs 987 a month before tax at 11.84%, or about Rs 839 after 15% tax for a filer.
This guide is for general information only and is not financial or tax advice. Rates, returns and rules change often, so confirm the latest figures with the official source before you invest.
Related Guides
- National Savings certificates
- National Savings accounts
- Regular Income Certificate
- Best investment for monthly income
- Bank profit rates in Pakistan