KARACHI: Following the directives of the federal government, the State Bank of Pakistan (SBP) has notified increase in the profit for Conventional Naya Pakistan Certificates (Certificates) with effect from Jan 23, 2023.

The SBP has informed all agent banks that the government of Pakistan – the Finance Division (External Finance Wing), vide Gazette notifications No. S.R.O. 44(I)/2023 dated January 20, 2023, has notified the revision in rate of return in FCY denominated NPCs.

Accordingly, on a minimum investment of $1,000 with integral multiples of 500, 3-month rate of return (gross annual return before tax) will be 7 percent, for 6-month 7.20 percent, 12-month 7.50 percent. Profit rate for 3-year and 5-year will be 8 percent.

On an investment of Rs 10,000 with integral multiples of 1,000, rate of return (gross annual return before tax) for 3-month will be 15 percent, 15.25 percent for 6-month, 15.50 percent for one year, 14 percent for 3-year and 13.50 percent for 5-year.

On an investment of 1,000 GBP with integral multiples of 500, rate of return will be 5.50 percent for 3-month, 6 percent for 6-month, 7 percent for 12-month, 7.50 for 3-year and 5-year investment in NPC.

In terms of euro amounting to 1,000 with integral multiples of 500 investment, the rate of return will be 4 percent for 3-month, 4.50 percent for 6-month, 5 percent for one year and 6.50 percent rate of return on 3-year and 5-year investment.

According to the SBP, the revised rate of return will be in force from 23rd January, 2023.

Copyright Business Recorder, 2023