The sale of conventional Naya Pak certificates started Monday, Sept 14, 2020, through agent banks, the finance ministry announced on Twitter.
The certificates will give a fixed profit rate and a Sharia-compliant version will be rolled out soon, it said.
Non-residential Pakistanis can invest in the scheme through Roshan Digital accounts.
The government wants to encourage overseas Pakistanis to invest their savings in Pakistan and help increase foreign exchange reserves.
These certificates are available both in rupees and dollars and come in five tenures — three months, six months, one year, three years, and five years. The three-month short-term certificates will give a profit of 5.5% (in dollars) and 9.5% (in rupees). The profit rate for six months is 6% and 10%, respectively while the one-year certificate will offer a profit of 6.5% and 10.5%. The profit rate for three years is 6.75% and 10.75% and for five years the rates are 7% and 11%.
The tax deduction for this scheme is 10% (of the profit) and the minimum amount one can invest is $5,000 or Rs100,000. For certificates with a maturity of one year or less, the profit (along with original investment) will be paid when the tenure ends.
In the case of the three- and five-year maturity, the profit will be paid twice a year.