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Introduction

Customers willing to invest in the government securities are required to open an IPS account with the Bank. This account is offered to all categories of customers (individuals and institutions) who can make investments through their respective branches. The Bank will facilitate the customers by way of handling their investment portfolio in Government Securities and holding them within its Subsidiary General Ledger Account (SGLA) with the State Bank of Pakistan.

Product Features

SBP has allowed following three types of securities to be maintained in SGLA:

Market Treasury
Bills (T Bills)

  • Denomination: Issued in multiples of PKR 5,000
  • Tenors: 3, 6 and 12 months
  • Issued at discount
  • MTBs are issued in a scrip less (without physical) form
  • Zakat: No compulsory deduction of Zakat at source

Pakistan Investment
Bonds (PIBs)

  • Denomination: Issued in multiples of PKR 100,000
  • Tenors: 2, 3, 5, 10, 20 and 30 years
  • Coupon rate: fixed and floating
  • Coupon payment: Quarterly & Semi annual
  • Zakat: No compulsory deduction of Zakat at source

Government of Pakistan
(GOP) Ijara Sukuks

  • Denomination: Issued in multiples of PKR 100,000
  • Tenors: 1, 3, 5 and 7 years
  • Coupon rate: floating & Semi annual
  • GOP Ijara Sukuk are issued in a scrip less (without physical) form
  • Zakat: No compulsory deduction of Zakat at source

Customers are advised to contact their Branch Manager / Operations Manager to obtain the current price / rate of government securities

Eligibility Criteria

  • The customer requesting for an IPS account is required to have a current/ savings account with the Bank. The IPS account of the customer is opened with the same account title, details and conditions as of the current/ savings account
  • The customer will pay applicable charges on IPS account transactions as specified in the Bank’s schedule of charges. Further, Account maintenance fee will also be recovered at the start of each month from the customer’s account

Documents Required

  • Application/letter from customer to open an account
  • Account Opening Form Duly filled by the customer
  • CNIC copy of the account holder(s) / directors / trustees
  • Board resolution with company’s seal as prescribed in the IPS account opening form (for corporates)
  • List of signatories to open and operate the account with specimen signatures (for corporates)
  • Valid Tax Exemption Certificate (if applicable)