Pakistan Banao Certificate is a profit scheme for international Pakistani residents having bank accounts outside Pakistan. If you’re living abroad and have plans to make some profit on your savings then, do consider Pakistan Banao Certificate scheme.
This money profit scheme was launched in 2019 for just oversea Pakistani. It is offered officially by Government of Pakistan. These certificates are offered just to attract Pakistani people to invest more for the development of their country while enjoying annual profits. There is no need of hiring lawyers or involving any third person like banking agents to apply in it.
These Pakistan Banao Certificates are just like profit bonds but on fixed and guaranteed profit rate. There are 2 types of PBC i-e Pakistan Banao Certificate. The profit rates on ‘per annum’ basis and these are paid semiannually.
- PBC 3 years maturity certificate with profit rate of 6.25%
- PBC 5 years maturity certificate with profit rate of 6.75%
Before applying, make sure you’ve the following information with you.
- Valid email ID.
- Valid identity document number i-e CNIC, SNIC, NICOP, or POC
- Valid issue date of identity document considered as DD/MM/YYYY
- Valid residential address
Let me share the step by step guide to apply for Pakistan Banao Certificate scheme to make annual profits.
- Register at PBC web portal by filling out this form.
- After successful registration, you need to select what type of certificate you need to buy. Provide your foreign bank account details as required.
- Pay via credit / debit card or bank account. Once the payment is received successfully in the SBP bank account, you will get a confirmation email.
- The payment confirmation email will contain electronic copy of your purchased PBC certificate. You can access that certificate details via your registered account at PBC website as well.
As this is a fixed profit bond or certificate offered by Government of Pakistan in 2019 so, people are in ciaos to know whether it is halal or not; its benefits & drawbacks. Therefore, I’ve answered most of the common questions arising in people’s mind.
Are Pakistan Banao Certificates Halal or Not? Are PBC certificates
No, Pakistan Banao Certificates are not Halal or Sharia complaint . These certificates come with fixed profit rate. There is no loss consideration or fluctuating rates. Surprisingly, the profit is guaranteed even if you take back the whole amount.
What is minimum investment for Pakistan Banao Certificate?
The minimum investment should be $5000 or equivalent. The maximum is unlimited but, it must be a multiple of $1000.
Is there any penalty on canceling Pakistan Banao Certificate?
Yes, there is a 1% penalty for people who cancel their PBC certificate within a year.
Will I have to pay tax on Pakistan Banao Certificate profit as well?
There is no withholding tax and compulsory Zakat deduction if you’re taking this profit within any Pakistani bank account. Unfortunately, the profit amount will be sent to your foreign bank account from where you sent money. Therefore, certain tax may be applied. In usual cases, there is no tax on savings account.
If you have any other questions then, do ask in comments. I’m helping 🙂