What Naya Pakistan Certificates are
Naya Pakistan Certificates (NPCs) are savings certificates issued by the Government of Pakistan. They were launched together with the Roshan Digital Account (RDA), and you buy them through that account at a participating bank.
An NPC is a sovereign instrument. The government is the issuer, and you receive a fixed profit for the term you choose. This is different from a bank deposit, where the bank is your counterparty, and very different from leveraged trading.
NPCs are mainly aimed at non-resident Pakistanis and others who are eligible to open an RDA. Eligibility rules are set in the official scheme documents. Check them with your RDA bank before you apply.
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Conventional and Islamic NPCs
NPCs come in a conventional version and an Islamic version.
| Point | Conventional NPC | Islamic NPC |
|---|---|---|
| Return | Fixed profit (interest) for the tenor | Return under a Shariah-compliant structure |
| Who sets the rate | Government, published through official channels | Government, published through official channels |
| Where to buy | Through an RDA at a participating bank | Through an RDA, usually with an Islamic bank or Islamic window |
| Structure details | Scheme terms | Scheme terms and the Shariah approval documents |
The two versions often carry similar headline rates, but they are published separately. Always read the rate for the exact version you want. For background on how Islamic products are structured, see Islamic finance and Payments, tax, Islamic banking.
Currencies and tenors
NPCs are offered in foreign currencies and in Pakistani rupees. Each currency has its own set of tenors. The tenor is the term of the certificate, from short terms of a few months up to longer terms of several years.
Points to keep in mind:
- Foreign-currency NPCs pay profit and principal in that currency. Your return does not depend on the rupee rate.
- Rupee NPCs usually carry higher nominal rates, because rupee interest rates are higher. If you measure your savings in dollars or another currency, a weaker rupee can reduce or erase that extra return. See What moves the rupee and Exchange rates.
- Early encashment is governed by the scheme terms. Cashing in before maturity can reduce the profit you receive, so read the encashment rules before you commit.
The list of currencies and tenors can change. Check the current list on the official rate sheet or with your RDA bank.
NPC profit rates
Naya Pakistan Certificate rates are set by the government and revised from time to time. This page does not quote them, because any figure we copy here could already be out of date.
To check the current NPC profit rate:
- Open the latest official NPC rate notice from the State Bank of Pakistan or the rate sheet published by your RDA bank.
- Note the effective date on the notice. The rate that applies to you is the one in force on the day you invest.
- Compare the conventional and Islamic rows for your currency and tenor.
Interest rates on government instruments in Pakistan tend to move with the wider rate environment. For context, the latest SBP decision we have on file is: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC). Read more on the SBP policy rate and KIBOR pages. A policy rate change does not automatically change NPC rates. Only the published NPC notice does.
Taxation
Profit on NPCs is subject to withholding tax, which is deducted at source when profit is paid. The rate, and whether the deduction is your final tax liability, depends on the current Finance Act and on your tax status.
Before you invest, confirm these points with your RDA bank or a tax adviser:
- the withholding tax rate that applies to your NPC currency and status
- whether the deduction is final or adjustable against your other income
- how a profit certificate or tax deduction statement is issued for your records
Tax rules change with each budget, so do not rely on old figures from forums or social media.
How NPCs compare with other options
- National Savings schemes are also government-backed, but they are rupee instruments sold through National Savings centres, with their own rates and rules.
- Bank deposits in an RDA carry bank risk and the bank's own rates.
- Leveraged forex and CFD trading is not a savings product. It can lose money fast, and the SECP has warned that offshore platforms operate without Pakistani approval. See Law and regulators.
For a wider overview, see Saving, Investing, Loans and Remittances.
Frequent questions
What is the NPC profit rate today?
It depends on the currency, tenor and version (conventional or Islamic). Check the latest official rate notice and its effective date with the SBP or your RDA bank.
Can I buy Naya Pakistan Certificates without a Roshan Digital Account?
NPCs are bought through an RDA. Ask your bank whether any other channel is currently allowed.
Are Islamic NPCs Shariah-compliant?
They are issued under a Shariah-compliant structure. You can read the structure and approval details in the official product documents.
Is NPC profit taxed?
Yes. Withholding tax is deducted from the profit. Confirm the current rate and whether it is final for your status.
Do NPC rates change after I invest?
Published rate revisions normally apply to new investments. Check the scheme terms for certificates you already hold.
Is a rupee NPC better than a dollar NPC?
Neither is better in general. A rupee NPC pays a higher nominal rate but carries exchange-rate risk. A foreign-currency NPC avoids that risk but pays a lower rate. Choose based on the currency you will need the money in.