The federal government has launched Pakistan Banao Saving Certificates (PBS) for overseas Pakistanis that are meant to provide expats with profits without any tax deductions.
The latest development is the continuation of the government’s policy to engage overseas Pakistan in building Naya Pakistan. The launch of Pakistan Banao Saving Certificates will help Pakistan tackle the deteriorating economic conditions of the country and boost the foreign reserves of the country.
Update: Resident Pakistanis having off-shore accounts can also invest in this scheme now using their CNIC.
The bond will offer a 6.25 percent return on three-year maturity and a 6.75 percent return on five-year maturity. The rate is considerably higher than other other return on dollar deposits. Pakistan Banao saving certificates will be issued to citizens having a National Identity Card for Overseas Pakistanis (NICOP), Pakistan origin card, or a CNIC.
It has also been decided to pay the investors on a semi-annual basis directly in their foreign accounts and in the foreign currency of their choice.
“Once I was an overseas Pakistani so I understood their issues and the level of their patriotism. They never disappointed me and the Pakistan Banao Saving Certificates will help both Overseas Pakistanis and Pakistan,” said Prime Minister Imran Khan.
The salient features of Pakistan Banao Saving Certificates are:
- You can invest a minimum of $5,000
- You can add any multiples of $1,000
- There is no maximum limit
- No Tax Deductions on Profit
- Option for Repayment both in USD and PKR
- 1% premium on encashment in PKR
- Conversion at the PKR/USD interbank rate
- Online Encashment through PBC Online Portal
- Automatic Periodic Profit Payment and Redemption Proceeds in the investor’s Designated Account
How to Invest in Pakistan Banao Saving Certificates
There are four easy steps to follow;
- Go to the website of PBS
- Create your profile
- Wait for the verification
- After verification, you will be allowed to remit foreign currency in State Bank’s account
According to the government, it will not take more than 15 minutes once you logged in to get a Pakistan Banao Saving Certificate. Moreover, cybersecurity measures have been adopted to make all the process and your data secure and breach free.
“Overseas Pakistanis are ready to help Pakistan, they want the country to grow and prosper. This is the reason that we wanted to create investment opportunities for them,” said Finance Minister, Asad Umar at the launch ceremony.
Habib Bank and other major banks are on board with the government and will ensure a smooth transfer of profits to overseas Pakistanis. In the ceremony, the government also vowed that they will launch some other investment portals for the overseas Pakistanis besides Pakistan Banao Saving Certificates.