Remittances from overseas Pakistanis register healthy growth

ISLAMABAD: Additional Director of State Bank of Pakistan (SBP) has said one can invest with minimum of $5,000 in Pakistan Banao Certificates (PBCs), ARY News reported on Thursday.

“The profit on the PBCs will be returned in US dollar and Pakistani Rupee”, he said in his statement.

According to the additional director of the SBP, the certificates will issued to the investors electronically on receipt of funds in State Bank of Pakistan Account given on the portal.

PBC is the first sovereign retail instrument being offered by the government allows overseas Pakistanis to contribute in their country’s development and earn handsome returns. The PBCs are available for 3 years and 5 years maturity with profit rates of 6.25 percent and 6.75 percent per annum respectively payable semiannually.

The scheme was launched by Prime Minister Imran Khan, last month in Islamabad.

Read more: Remittances from overseas Pakistanis register healthy growth

Addressing the ceremony, the prime minster had said, the government has given an attractive return on these Pakistan banao certificate and it would not only help the Pakistani diaspora to earn reasonable profit from these certificates but also extend a helping hand towards reviving the national economic at this critical juncture.

The Salient Features

Profit on bi-annual basis.
Maturity in USD as well as PKR.
PKR maturity has an added incentive of 1% on the final premium.
Can be en-cashed at any time; however encashment in USD within one year of issuance entails 1 percent penalty.
Encashment application will also be submitted online by accessing the Redemption module of PBC portal.
Periodic Profit and redemption proceeds will be sent to the investors’ accounts designated at the time of investment.

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