Investment in Naya Pakistan Certificates (NPCs)

Naya Pakistan Certificates (NPC) are sovereign instruments issued by Government of Pakistan:

In accordance with the guidelines of the State Bank of Pakistan, the Non-Resident Pakistanis (NRPs) can open their PKR - Non-Resident Value Account (NRVA) or USD - Foreign Currency Value Account (FCVA), using Samba Bank Limited’s Roshan Digital Account (RDA) platform without coming to Pakistan and instantly start investing in the NPCs using our digital banking platform from anywhere in the world.

If you are Non-Resident Pakistani, below is a brief process flow for investment in the NPCs:

  • Visit our Roshan Digital Account page
  • Open NRVA and / or FCVA Account within 48 hours
  • Log-on to Samba’s Digital Banking interface
  • Complete your NPC investment in PKR or USD in 2 clicks
  • Enjoy GOPs Risk Free Returns

The Resident Pakistanis, having duly declared assets held abroad as declared in their latest wealth statement filed with the Federal Board of Revenue (FBR), can also invest in the Naya Pakistan Certificate (NPCs) by visiting any branch of Samba Bank Limited in Pakistan for opening USD - Foreign Currency Value Account (FCVA).

If you are Resident Pakistani, below is a brief process flow for investment in the NPCs:

  • Visit your nearest Samba Bank Limited branch in Pakistan
  • Open FCVA – USD Account on fast-track along with submission of latest wealth statement
  • Log-on to Samba’s Digital Banking interface
  • Complete your NPC investment USD in 2 clicks
  • Enjoy GOPs Risk Free Returns

Investment in Certificates

  • The Certificates are scrip less in nature and shall be subscribed by eligible individuals (as defined in Rule 3 of NPC Rules, 2020)
  • The funds for investment in Certificates must be remitted from abroad in the investor’s FCVA or NRVA after 30th day of June 2020.
    • The investors shall have the option to subscribe either PKR denominated or US Dollar denominated certificates of 3-Month, 6-Month, 12-Month, 3-Year and 5-Year tenors.

Amount of Investments

Amount of Investment in each tenor certificate shall be as under

US Dollar Denominated Certificates
Minimum investment of USD 5,000 with integral multiples of USD 1,000.
PKR Denominated Certificates
Minimum investment of PKR 100,000 with Integral multiples of PKR 10,000.

Profit Rates on Investment in Certificates

The Certificates of following tenors shall be yielding gross return (before the deduction of tax) as under:

Annualized Percentage (%) Rate of Return

Tenor of Certificate

USD Denominated Certificate

PKR Denominated Certificates


5.50%, p.a.

9.50% p.a.


6.00% p.a.

10.00% p.a.


6.50% p.a.

10.50% p.a.


6.75% p.a.

10.75% p.a.


7.00% p.a.

11.00% p.a.

The annualized % USD & PKR rate of return on investment in NPC are released by the Finance Division through official notification, and are subject to changes from time to time.

  • The 3-Month, 6-Month and 12-Month tenor certificates shall be zero-coupon securities on which principal and profit shall be paid on maturity or on premature encashment. Whereas, 3-Year and 5-year certificates shall be coupon securities, on which periodic profit payment shall be paid on a half-yearly basis (i.e. on 6 Monthly bases)
    • The six (6) months for the periodic coupon payment shall be determined from the date of issuance of the certificates. For example: if certificates are issued on 10th September 2020, the profit payments shall be made on 10th March 2021 and on subsequent six-monthly dates accordingly.
  • The PKR NPCs can only be purchased from the balances in the investors’ NRVAs whereas USD denominated NPCs can be purchased from the balances in the investors’ FCVAs. For the investors having their FCVAs in currency other than USD, Samba Bank Limited shall debit the investors’ account by an amount equivalent to the amount of investment requested in USD denominated NPCs by applying the exchange rate prevailing at the time of execution of the transaction

Premature Encashment

  • The Investors can have premature encashment of their certificates.
  • Premature Encashment proceeds shall be worked-out such that rate of return accruing to that investor is equivalent to rate of return of the nearest shorter maturity of Certificates or such rate as may be notified by Finance Division from time to time.
  • No profit shall be paid in case on encashment of certificates before completion of 3 (three) months.

Redemption at Maturity

  • Maturity proceeds of Certificates, including the amount of final coupon (net of deduction of tax), shall be credited to the USD Clearing account or PKR current account of Samba Bank Limited’s account maintained with SBP
  • On realization of maturity proceeds by the Samba Bank Limited in its accounts with the SBP, the bank will credit the FCVA or NRVA of respective investor on the same day
  • The Certificate shall not be automatically reinvested or rolled-over after the maturity date

General Instructions

  • In case of a holiday on the periodic profit or principal payment date, the next working day falling after the holiday will be considered the periodic profit date / principal payment date. In such a case, no profit will be payable for the period of the holidays
  • The Certificates shall be pledge-able as security for raising financing in Pakistan subject to such conditions as may be prescribed by SBP
  • The Certificates are not transferable except if required under the relevant laws
  • SBP, and / or Samba Bank Limited reserves the right to accept or reject the investment application if the investor does not comply with the necessary requirements under the prescribed rules or instructions
  • In case of death of an investor, the payment (principal and profit, if any), will be made to the legal heirs of the deceased investor in accordance with the succession certificate or equivalent documentation in accordance with the law for the time being in force.
  • The above instructions are subject to change from time to time


  • The Naya Pakistan Certificate (NPC) is exempted from compulsory deduction of Zakat at source under section 3 of the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).

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