1. What is Naya Pakistan Certificate (NPC)?
Naya Pakistan Certificate (NPC) is a high-yield sovereign investment certificate issued by the Government of Pakistan under NPC Rules 2020 framed under Public Debt Act 1944.

It is a testament to government’s efforts of providing a digital platform primarily to Non-Resident/overseas Pakistanis, enabling them to earn not only lucrative rate of return on funds remitted from abroad, but also giving them an opportunity to contribute to the progress and prosperity of the motherland by lending funds to the federal government.

It is worth mentioning that Government of Pakistan (GOP) is the issuer and State Bank of Pakistan (SBP) is the primary custodian of Naya Pakistan Certificates, while The Bank of Punjab is only acting as an agent of SBP / INPCCL (for Islamic mode of investment) and sub-custodian of these certificates in Pakistan.


2. Are NPCs also available in Shariah Compliant version?
Yes. The Shariah compliant version of NPCs are called Islamic Naya Pakistan Certificates (INPCs), and can be subscribed by customers maintaining Roshan Digital account with TAQWA Islamic Branches (TIB) of the bank only.

3. What is the Shariah Structure of Islamic Naya Pakistan Certificates (INPCs)?
INPCs shall be issued under the Shariah Structure notified by Finance Division, Government of Pakistan under NPC Rules 2020.
Adhering strictly to the Islamic principles, INPCCL shall collect funds from customers on Mudarabah basis, and invest these funds through Government of Pakistan in accordance with Shariah structure.

4. Is investment in NPCs/INPCs safe and secure?
Yes! Investors can safely invest in these certificates with the underlying assurance that these are guaranteed/backed by the Government of Pakistan.

5. Are NPCs/INPCs issued in physical form in a manner similar to other investment instruments/securities?
The certificates shall be issued in scrip-less form, or any other form/format as approved by the Finance Division of Pakistan from time to time in consultation with SBP.

6. How will investment order be placed?
After successful log-in at RDA web portal, the customer shall access the Transaction Tab, and select the NPC/INPC issuance request form from the dropdown of financial transactions to fill the required fields of the digitized form including but not limited to amount, tenor and currency etc. for onward submission to the bank.

7. What are the currencies offered for investment in NPCs/INPCs?
The certificates will be issued in USD, GBP, EUR and PKR or any other currency as may be notified by the Division concerned from time to time. Clients maintaining RDA in US Dollars (USD) can invest only in USD denominated certificates, while those maintaining the referred account in Pak Rupee (PKR) can invest only in PKR denominated NPCs. Clients maintaining RDA in USD/EUR/GBP can invest only in USD/GBP/EUR denominated certificates.

8. What is the eligibility criteria for investing in NPCs/INPCs?
Following customers are eligible for investment:

• Non-Resident Pakistanis holding National Identity Card for Overseas Pakistanis (NICOP), or Pakistan Origin Card (POC) are eligible for investment in PKR or USD denominated NPCs/INPCs through RDA maintained in respective currency
• Resident Pakistanis who have declared assets abroad with FBR can also invest in USD/GBP/EUR denominated certificates through RDA maintained in US Dollars (USD) /GBP/EUR only.
• An employee or official of the federal government or a provincial government posted abroad who are eligible to open FCVA or NRVA as per relevant regulations

9. What is the available tenor for investment?
The certificates are issuable for following tenure:

• 3 Months
• 6 Months
• 12 Months
• 3 Years
• 5 Years

10. What is the minimum and maximum amount required for investment?
The minimum amount required for investment is given below:
Moreover, there is no limit on maximum amount of investment.

11. What is the rate of return on NPCs?
The current rate of return on NPCs of various maturities are:

12. What is the rate of return on INPCs?
The expected rate of return on INPCs of different tenors are the same as being mentioned above for conventional NPCs. Such rates are indicative and actual returns are dependent on performance of USD, GBP, EUR and PKR pools.

13. What is the frequency for profit payment?
14. Will a separate account be opened for crediting funds on maturity/premature encashment or periodic profit/coupons?
No. The funds in case of maturity, premature encashment or periodic profit/coupons (where applicable) will be credited to the investor’s RDA only.

15. Can loan/financing be availed in Pakistan against pledging of NPCs/INPCs as security/collateral?
Yes. NPC Rules 2020 permit the acceptance of such certificates as security for pledge against financing, subject to such conditions as may be prescribed by SBP.

16. Is it possible to transfer these Certificates?
No. The certificates are non-transferable except if required under the relevant laws.

17. Is roll-over facility for automatically reinvesting for subsequent tenor on the same terms, available?
No. After the maturity date, the certificate shall not be rolled-over automatically for reinvestment.

18. Can the investment in such certificates be withdrawn before the maturity period through early/premature encashment?
Yes. Early encashment is indeed allowed, which is subject to following conditions:

• For NPCs

Profit for broken days in such case shall be calculated at the profit rate of the nearest shorter tenor.
For instance, an investor of a 12-Month NPC withdraws his/her investment in the 9th month before the maturity date. In this case, profit rate for the period up to the date of premature encashment, shall be fixed at the rate of return applicable on 6-Month NPCs.
Nevertheless, no profit shall be paid in case of encashment of NPCs before completion of three (03) months.

• For INPCs

There shall be no premature encashment within the first month of issuance of INPCs.
Moreover, if encashment is done after 1-month and before 3-months, there will be a discount factor applied to the accrued profit.
After 3-months holding period, profit will be paid subject to rules laid down by the regulator.

19. Does the investor need to visit Pakistan for encashment of NPCs?
No, the investor can request for investment / redemption of NPCs digitally by visiting the RDA portal.

20. What will happen in case of death of certificate holder?
In case of sad demise of the certificate holder, payment of principal inclusive of profit (if applicable) shall be made to the legal heirs of the deceased investor in accordance with the succession certificate, or equivalent documentation issued by a court of competent jurisdiction under applicable laws.

21. Is withholding tax applicable on the amount of return/profit received on these certificates?
Yes. The return/profit credited on such certificates is subject to deduction of withholding tax @ 10% as full and final settlement of tax liability on NPC/INPC profits. The non-resident investors are also not required to file any tax return if their only source of income in Pakistan is profits earned on NPCs.

22. Are NPCs/INPCs subject to Zakat deduction?
No. As per the NPC Rules 2020, these certificates are exempt from Zakat deduction.

23. How will it be confirmed that investment in Naya Pakistan Certificate/Islamic Naya Pakistan Certificate has been successfully made?
Since Naya Pakistan Certificates (NPC/INPC) are issued digitally, a confirmation email on the issuance of the certificates will be generated on email address of the investor registered in bank record.