In order to develop savings schemes on modern lines, National Budget Institution has developed Digital Prize Bond. File photo: AFP
If you are supporting your family by moving to another country miles away from Pakistan then surely you will be concerned about saving some part of your income.
In this regard, the National Savings Institute has provided overseas Pakistanis with opportunities to invest in savings schemes in which profits can be earned after a fixed period of time.
National Savings Institution and Central Bank of Pakistan have provided facilities like Roshan Digital Account and Naya Pakistan Certificate for overseas Pakistanis.
In these schemes, Pakistani nationals living abroad can invest in foreign currency including Pakistani rupees under which they get profit as per the rate fixed on various schemes.
Apart from this, Overseas Pakistanis can also invest in National Savings Schemes for local citizens such as Defense Savings Certificates.
Pakistan Savings Schemes that are beneficial for overseas citizens
Hamid Raza Khalid, Director General of National Savings, a subsidiary of the Ministry of Finance, told Urdu News that two special measures have been taken to invest in savings schemes for overseas Pakistanis.
These include Roshan Digital Account and Naya Pakistan Certificate. After opening a Roshan digital account, overseas Pakistanis can invest in various savings schemes while sitting abroad. Similarly, only those who can buy Naya Pakistan certificate can get profit according to the fixed rate of return.’
He said that overseas Pakistanis can also buy New Pakistan Certificates in foreign currency and there is a facility for them to buy New Pakistan Certificates in Pakistani Rupees as well. However, in case of investment in foreign currency, the profit conditions are different, while there are different conditions for investment in Pakistani rupees.
DG National Savings, in his discussion on investment opportunities for overseas Pakistanis in the savings schemes available to local citizens, said that overseas Pakistanis can also invest in nationally created savings schemes.
That is, overseas Pakistanis can also buy certificates like Welfare Savings Certificate, Defense Savings Certificate and Regular Income Certificate, on which the rate of return for them will also be the same as the rate prescribed for local citizens.
Foreign currency can be invested in local savings schemes by converting them into Pakistani rupees, which are subject to interest rates fixed by the State Bank and interest rates on certificates.
He said that most overseas Pakistanis invest in these certificates during their stay in Pakistan.
Roshan Digital Account and New Pakistan Certificate
Hamid Raza Khalid told about the initiatives taken specially for overseas Pakistanis i.e. Roshan Digital Account and Naya Pakistan Certificate. had gone
In this account, overseas Pakistanis can remit foreign currency from abroad and then using this account they can invest in foreign currency or Pakistani rupee savings schemes. Apart from this, Naya Pakistan Certificate can also be purchased from Roshan Digital Account where they can invest in both foreign and local currencies.
The Director General of National Savings said that he is committed to providing investment opportunities in savings schemes to overseas Pakistanis. In keeping with Pakistan’s commitment to channelize the remittances of overseas Pakistanis, the government is providing them facilities like Roshan Digital Account and Naya Pakistan Certificate.
Digital Prize Bond for Overseas Pakistanis
In order to develop the savings schemes for Pakistani citizens living abroad on modern lines, the National Budget Institution has prepared a digital prize bond, which will soon be approved by the federal cabinet.
According to DG National Savings, the Digital Prize Bond has been specially designed to cater to the needs of overseas Pakistanis. The launch of which is expected within this financial year itself. The digital prize bond can be purchased through National Savings’ mobile application ‘National Savings Digital’ as well as Roshan Digital Account.
Rate of return on savings schemes
On the other hand, the federal government of Pakistan has recently reduced the interest rates of various national savings schemes. According to the notification issued in this regard, the new rate of interest has been implemented from 25 September 2024.
The rate of interest on Special Savings Account, Defense Savings Schemes has been reduced while regular income certificate and welfare savings certificate will also give citizens less interest than before. Along with this, the annual profit of pensioners and Shahada family welfare accounts has also been reduced while the rate of return of Sarva schemes has also been reduced.
According to the notification, the profit of pensioner’s benefit and Shahada family welfare accounts has been reduced from 15.36% to 14.16%, while the annual profit of welfare savings certificate has also been reduced to 14.16% and the profit rate of regular income certificate has been reduced from 14.52 to 12.72%. is given
