National Saving Schemes (NSS) or Naya Pakistan Certificates for overseas Pakistanis have been available under the Saving Schemes Bill 2022. This act provides facilities for Non-Resident individual Pakistanis (NRIP) who want to invest in Pakistan’s National Saving Schemes.
However, Imran Khan Government issued the Naya Pakistan Certificates in 2020. It has been framed under the Naya Pakistan Rules 2020 Public Debt Act 1944. For example, investors can invest in these schemes using the Roshan Digital Account.
Let’s discuss more details about these saving schemes in Pakistan!
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Naya Pakistan Saving Certificates
Naya Pakistan Certificates provide an excellent opportunity for Overseas Pakistanis and Pakistani Nationals, having declared assets abroad, to earn Shariah-compliant high returns on their fixed deposits via Roshan Digital accounts.
These saving certificates are issued by the Central Directorate of National Savings (CDNS), which provides facilities under the Ministry of Finance.
Everything You Need to Know about the Naya Pakistan Certificates
Naya Pakistan Certificates were introduced to accelerate the foreign reserves of Pakistan. As Pakistan is facing challenges of scarcity of foreign resources and the current account deficit, the NCP will help boost these reserves.
Climbing the foreign exchange reserves from $500 to $1 billion will not be a game changer for Pakistan. But, it will help stabilize and sustain a balanced level of resources in Pakistan.
The State Bank of Pakistan is responsible for determining the rates of returns on these certificates. However, the banks have been handed over the responsibilities to attest and verify the document and legal status of the overseas Pakistanis.
The saving certificate allows the investors to hold certifications in USD, Euro, British Pound Sterling (GBP), and the Pakistani Currency.
However, all Overseas Pakistanis, including their minors, can invest in these schemes. Besides, Pakistani nationals who declare their foreign assets successfully can also invest in these high-return certificates.
The high return for overseas Pakistanis has been estimated at 7% annually. In comparison, the Pakistani Rupee (PKR) investment can earn as high as 11% annual return.
Non-Resident Individual Pakistanis (NRIPs) can start their investment with $5000 up to any maximum limit. On the other hand, Pakistani nationals can start their investment from as low as PKR 100 000.
The certificates are available in different maturities, from 3 months to five years. The returns will be transferred to the account of the certificate holder at the end of the maturity. Suppose the certificate holder fails to acquire these maturity returns for any reason. In that case, the government of Pakistan will claim these returns.
These certificates cannot be transferred to another person. Zakat will not be deducted from these certificates. However, the certificate holders have to pay a withholding tax of 15%, while the non-tax filers have to pay a surcharge of 30%.
The investors can encash these certificates after one month of purchasing these certificates. In this case, the bank will buy these certificates at a discounted price.
The following Banks help the investors investing in the Naya Pakistan Certificates. You can seek the help of these banks.
The Bottom Line:
Finally, we can conclude that the government guarantee fully backs Naya Pakistan Certificate, and overseas Pakistani do not need to fear scams and fraud. However, they must learn about the rules before investing their money in these certificates to avoid any confusion in the future.
Moreover, it will help Pakistan the economy of Pakistan and correct the current account deficit. These certificates are available in different maturities. You can invest your money in other currencies to enjoy handsome returns on your investments. Naya Pakistan Certificates will surely help achieve these goals.
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