Trading basics
What are Naya Pakistan Certificates and how do they work?
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Short answer
Naya Pakistan Certificates (NPCs) are Government of Pakistan savings certificates sold mainly through Roshan Digital Accounts to non-resident investors. They come in US dollars, pounds, euros, rupees and — from June 2026 — UAE dirhams and Saudi riyals, with tenors from three months to five years. Conventional rates in 2026 ranged roughly from 6.75% to 7.75% in dollars, and an Islamic version pays Mudaraba-based profit.
Key features
Rupee rates were revised during 2026; one report put them at 11.75% to 12.75% from June. Rates change often — confirm the current table with the State Bank or your bank before investing.
| Feature | Detail |
|---|---|
| Issuer | Government of Pakistan, managed with the State Bank |
| Who can invest | Mainly non-resident Pakistanis via a Roshan Digital Account; check eligibility with your bank |
| Currencies | USD, GBP, EUR, PKR; AED and SAR added from June 2026 |
| Tenors | 3 months, 6 months, 12 months, 3 years, 5 years |
| USD rates (from 27 March 2026) | 6.75% (3M) to 7.75% (5Y), annualised |
| Islamic version (INPC) | Mudaraba-based; announced rates are indicative, actual profit depends on results |
How to invest
- Open a Roshan Digital Account online with a participating bank.
- Fund it in the currency you want to invest.
- Choose conventional or Islamic certificates, the currency and the tenor in the bank's portal.
- Profit is paid as specified (often at maturity or periodically) and principal returns at maturity; both are repatriable.
Pros and cons
- Pro: sovereign issuer and repatriable funds.
- Pro: dollar certificates avoid rupee depreciation risk.
- Pro: simple to buy entirely online.
- Con: country risk — returns depend on Pakistan's ability to pay.
- Con: early encashment may reduce returns; check the terms.
- Con: rupee certificates pay more but carry currency risk for overseas savers.
Tax and Shariah
Profit on NPCs is subject to a withholding tax treated as a final tax for non-residents under the scheme's rules; check the current rate with your bank and whether your country of residence also taxes it. The Islamic Naya Pakistan Certificates use a Mudaraba structure overseen by Shariah advisers, which many scholars accept, while conventional certificates pay interest.
Choosing a currency and tenor
- Dollar, pound or euro certificates suit savers who will spend the money abroad or want to avoid rupee risk.
- Rupee certificates pay higher rates but the return in your home currency depends on the exchange rate at maturity.
- Shorter tenors let you reinvest if rates rise; longer tenors lock in today's rate if they fall.
- Spread money across tenors (a ladder) so some certificates mature each year.
Roman Urdu mein jawab
Naya Pakistan Certificates kya hain?
Naya Pakistan Certificates hukumat-e-Pakistan ke savings certificates hain jo zyada tar Roshan Digital Account ke zariye bahar rehne walon ko milte hain — dollar, pound, euro, rupee aur June 2026 se dirham aur riyal mein, 3 mahine se 5 saal tak. 2026 mein dollar rates taqreeban 6.75% se 7.75% the, aur Islami version Mudaraba par munafa deta hai.
Frequently asked questions
What is the current profit rate on Naya Pakistan Certificates?
From 27 March 2026, conventional dollar certificates paid 6.75% to 7.75% depending on tenor. Rates are revised periodically, so check the State Bank's latest table.
Can residents of Pakistan buy NPCs?
They are designed for non-residents through Roshan Digital Accounts. Residents use other government savings schemes; check eligibility with your bank.
Are Naya Pakistan Certificates halal?
Conventional NPCs pay interest. The Islamic version (INPC) uses Mudaraba and is the option for those who want Shariah compliance.
Can I encash before maturity?
Usually yes, under conditions that may reduce your return. Read the terms in your bank's portal.
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