Treasury Bills in Pakistan: Rates, Minimum Investment, and How to Buy

You buy an MTB below face value and receive face value at maturity. Therefore, the difference is your gross profit. The bill is a sovereign rupee obligation held electronically in an Investor Portfolio Securities account, known as an IPS account.

Likewise, the State Bank of Pakistan normally holds MTB auctions every fortnight, so yields can change quickly.

InvestPak defines an MTB as a zero-coupon instrument because it makes no periodic interest payments. In other words, all your return comes from the purchase discount. A fixed-rate Pakistan Investment Bond, known as a PIB, instead pays a coupon every six months.

For example, if you buy a 3-month bill with a Rs 5,000 face value at Rs 4,860, you receive Rs 5,000 at maturity and earn Rs 140 before tax.

At the 5 August 2026 yield of 11.5149%, the indicative price is closer to Rs 4,870.92, leaving Rs 129.08 gross. Notably, 11.5149% is annualised, not your three-month percentage return.

As of the 5 August 2026 auction, Pakistan's T-Bill cut-off yields ranged from 11.3504% for one month to 11.9490% for twelve months.

Rates as of 5 August 2026. These are annualised cut-off yields for that auction. They are not guaranteed for a later bid. You should verify the next result on the official SBP and InvestPak auction-results page before you invest.

The State Bank of Pakistan accepted Rs 882.4 billion against Rs 2.287 trillion of bids, according to Profit by Pakistan Today. Consequently, not every bid was accepted, and the next auction can reset every yield.

As of the 27 July 2026 meeting, the SBP policy rate was 11.5%. It is the benchmark around which short-term rates form.

Accordingly, T-Bill yields usually fall when policy cuts are expected and rise when inflation or financing demand increases. However, auction demand also matters.

You should use the SBP financial-market data page for auction records and InvestPak for calendars, results, and indicative yields. Because this table ages every fortnight, you should check both the yield and auction date before bidding. Otherwise, you may rely on an expired rate.

You should choose a tenor by asking when you need the money and whether you expect rates to fall. The four options trade flexibility for rate certainty in different ways.

As of August 2026, a 1-month bill runs for 28 days. It suits money you may need soon because maturity arrives quickly. However, you must reinvest one month later at whatever rate is then available.

A 3-month bill runs for 84 days and was the only tenor available through JazzCash at its 16 June 2026 launch. It is a practical first purchase because the wait is limited and the return is easy to observe.

Nevertheless, repeated investing can create four reinvestment decisions each year.

A 6-month bill runs for 182 days. It reduces how often you must reinvest, which can help if you expect rates to fall. Alternatively, you may prefer a shorter bill if an expense could arise before the six months end.

A 12-month bill runs for 364 days and locks the auction yield for almost a year. Accordingly, it can suit a known expense that is roughly one year away. But your money remains committed longer, and the market price can move more if you sell early.

You should start with your expense date. If you need money in four months, a three-month bill is easier to match than a six-month bill.

Similarly, a longer tenor preserves today's yield if rates fall, while a shorter tenor lets you reinvest sooner if rates rise. Although forecasts fail, you can split a larger sum across tenors to create several maturity dates.

As of August 2026, the minimum T-Bill face value is Rs 5,000, and you must invest in multiples of Rs 5,000.

The official InvestPak MTB page sets the denomination at Rs 5,000. That is the maturity value, while the purchase debit is lower. For example, the indicative 5 August 2026 price was about Rs 4,870.92.

As of August 2026, InvestPak states that there is no maximum. However, your provider may set a transaction limit. Accordingly, you should confirm it before a large order.

At 11.5149% for 84 days, Rs 5,000 face value produces about Rs 129.08 gross. Subsequently, an individual on the Active Taxpayers List, the Federal Board of Revenue's list of active filers, keeps about Rs 109.72 after 15% withholding and before charges.

Ultimately, Rs 5,000 is a learning amount, not a complete strategy.

To buy Treasury Bills in Pakistan, you can use a bank-assisted IPS account, the InvestPak portal, or the JazzCash app.

An Investor Portfolio Securities account is the electronic record holding your government securities. You can ask a commercial bank to open one and place orders. This route suits you if you want support because the bank handles custody and settlement.

InvestPak is the State Bank of Pakistan's retail government-securities portal. You register with bank-linked details, request an IPS account, and submit bids or sale instructions. It suits you if you want direct control.

JazzCash is a mobile financial-services platform that added three-month T-Bills on 16 June 2026. Eligible customers can start from Rs 5,000.

It is the simplest first route because the order sits in a familiar app, but only the three-month tenor was available at launch.

Pakistani FIRE communities are online groups focused on Financial Independence and Retiring Early. In a June 2026 discussion, users said registration worked but auction names and bid choices were confusing. Similarly, a July 2026 discussion called the portal useful but not user-friendly.

These comments are anecdotal. Nevertheless, they support choosing bank assistance if you do not want to learn auction mechanics.

To buy through an IPS account, you first connect a bank account to InvestPak, then open the custody account, set your security code, and place a bid.

You can use any commercial bank offering IPS services. First, you should confirm your identity card, mobile number, and email. Next, you should request its IPS and custody fees because charges reduce your return.

You should create an InvestPak profile with the exact mobile number and email held by your bank. Otherwise, the bank can return the application for correction.

You should submit the IPS request inside the portal. According to Bank AL Habib, an IPS holds government securities through a bank's custodial system. In other words, it holds securities as your bank account holds money.

Subsequently, the bank reviews the request and becomes the custodian.

A Financial Personal Identification Number, known as an FPIN, is the four-digit passcode authorising bids and trades. You set it at first login and should keep it separate from your password.

You should choose an active auction, tenor, and amount. A competitive bid names your desired yield but can fail above the accepted cut-off.

Alternatively, a non-competitive bid accepts the applicable weighted-average price if allotted. It is simpler because you do not predict the cut-off, although oversubscription can affect allocation.

Finally, you authorise the debit. On settlement day, the purchase amount leaves your bank account and the T-Bill enters your IPS account. If you hold to maturity, the face value returns automatically after tax and charges.

The June 2026 FIREPakistan discussion showed why these steps matter. One user recommended non-competitive bids, while others described confusion after registration. Accordingly, you should check the calendar, bid type, and confirmation separately.

To buy through JazzCash, you use the T-Bill feature in the app and fund the linked Mobilink Bank deposit account.

As of 16 June 2026, you need a verified JazzCash account and an active Mobilink Bank deposit account. Mobilink Bank is the regulated microfinance bank behind custody and settlement. Therefore, a wallet alone is insufficient.

The minimum is Rs 5,000. At launch, only a three-month bill was available. Accordingly, you should check the live app before assuming that other tenors have been added.

First, you open Banking and Finance in JazzCash. Next, you choose Treasury Bills and enter the amount. Then, you review the yield, cost, maturity value, tax, and date. Finally, you confirm and save the receipt.

You should stop if any figure is unclear because an annual yield is not your three-month cash return.

As of June 2026, Mobilink Bank acts as custodian and trustee. That is, the security is not stored inside your wallet. JazzCash provides the interface, while the bank maintains custody records.

At maturity, the face value is credited under the linked-account instructions. You should confirm the destination before buying and keep the transaction reference. Otherwise, a delayed credit may be harder to trace.

You earn the maturity value minus the discounted purchase price, withholding tax, and any provider charges. Therefore, the annualised gross yield is not the amount you keep.

For an indicative simple-yield calculation, you can use these formulas:

• Purchase price = Face value / [1 + (annual yield × days / 365)]
• Gross profit = Face value − purchase price
• Net profit = Gross profit − withholding tax − charges

The actual non-competitive price can differ slightly because the auction uses its weighted-average result.

At the 5 August 2026 yield of 11.5149%, the indicative price is Rs 4,870.92 and gross profit is Rs 129.08. After 15% ATL withholding, you keep about Rs 109.72 before fees. Similarly, 30% non-ATL withholding leaves about Rs 90.36.

At the 5 August 2026 yield of 11.9490%, the indicative price is Rs 89,352.52 and gross profit is Rs 10,647.48. After 15% ATL withholding, you keep about Rs 9,050.36 before fees. Alternatively, 30% non-ATL withholding leaves about Rs 7,453.24.

The maturity credit includes your capital. In the Rs 100,000 example, only Rs 9,050.36 is estimated ATL profit. Notably, charges may also apply.

You should keep the confirmation and tax certificate because withholding does not remove every filing duty.

As of the tax rules effective from 1 July 2026, an individual's T-Bill profit at maturity is generally subject to 15% withholding when the person is on the ATL and 30% when the person is not on the ATL.

The Federal Board of Revenue is Pakistan's tax authority. Section 151 of the Income Tax Ordinance updated through 30 June 2026 requires deduction when profit on debt is paid. Specifically, tax applies to profit, not returned principal.

For an individual, the ATL rate is 15%. The Tenth Schedule generally doubles it outside the ATL to 30%. However, other taxpayer categories can differ. Therefore, you should verify your status for the payment date.

An early sale can create a capital gain separate from maturity profit. Section 151A covers custodian withholding on certain over-the-counter debt-security gains. Under the Finance Act 2026 rate card, it is 20% for an ATL person and 40% for a non-ATL person.

Notably, exchange-settled trades can differ, so you should ask your custodian before selling.

You should apply tax to profit and then subtract charges. For example, Rs 129.08 gross becomes about Rs 109.72 after 15% or Rs 90.36 after 30%.

Ultimately, your liability depends on your circumstances, so you should confirm unusual cases with a Pakistani tax adviser.

As of August 2026, T-Bills are competitive with several short-term savings options, but they are not automatically best for every purpose.

A savings account suits emergency money because you can withdraw it quickly. However, its rate changes and the deposit is a bank liability. You should prefer daily access when money may be needed without notice.

A fixed deposit locks a bank rate. Similarly, a T-Bill locks its purchase economics at maturity. Breaking a deposit can reduce profit, while selling a T-Bill exposes you to a market price. Therefore, you should compare tax, fees, and early-exit cost.

As of 18 July 2026, National Savings short-term certificates paid 11.12%, 11.14%, and 11.17% for 3, 6, and 12 months. The 5 August T-Bill yields were slightly higher. Nevertheless, you should compare same-day rates and encashment rules.

Pakistan Investment Bonds are longer-term government securities that normally pay fixed coupons every six months. They suit goals several years away, but their prices move more when rate expectations change.

Debt and money-market funds pool investors' money across debt instruments. Many offer daily redemption, but returns fluctuate and fees reduce performance. As of late August 2026, MUFAP's industry report showed many money-market funds around 9% to 11.5% annualised.

T-Bills carry low credit risk relative to private rupee instruments, but they are not risk-free for your purchasing power, timing, or foreign-currency goals.

The Pakistan Bureau of Statistics, the official statistics authority, defines the Consumer Price Index as measuring changes in household consumption prices. As of July 2026, PBS reported 9.20% annual inflation.

Meanwhile, T-Bill yields were near 11.5%. As a result, the real return was only in the low single digits before tax and smaller afterward.

Reinvestment risk means your next bill may earn less. For example, a three-month bill matures into whatever rate then exists. Consequently, a policy cut can reduce future income even when the first bill pays as expected.

If market yields rise, your bill's resale price usually falls. Holding to maturity avoids crystallising that loss if the government pays as promised. However, an early sale can create a loss or taxable gain.

You should therefore match the tenor to your expense date.

InvestPak and banks support sell orders, but that does not guarantee an attractive bid for Rs 5,000. Similarly, an indicative price is not a firm quote.

You should request the sale price and fee first. Otherwise, exit costs can consume much of the profit.

A T-Bill repays rupees, so it matches a rupee expense. However, depreciation can erase its advantage against dollar tuition or foreign rent. Ultimately, you should match the investment currency to the expense.

This next route is only for you if your income already arrives in foreign currency and you can lawfully use an overseas account. The rupee version of a short government instrument is a Pakistan T-Bill.

Similarly, the dollar version can be a US government bond bought through an eligible brokerage account. As of August 2026, possible routes include an international broker, an employer or overseas-bank service, and nsave. Eligibility and tax rules differ.

To buy US bonds and other dollar-denominated securities as an eligible person from Pakistan, you can open an nsave USD account, fund it with foreign-currency earnings, and place an order in the app.

nsave is a non-bank payment provider offering eligible customers payment services and investments through a third-party broker-dealer. It is not a way around Pakistan's foreign-exchange rules.

You can use a Pakistan T-Bill when your expense is in rupees, the maturity fits, and the after-tax return beats alternatives. Alternatively, you can consider a foreign-currency route when your money already sits lawfully abroad.

Start with net return and the exit path, not the headline yield.

Investments involve risks, including the potential loss of capital. Past performance is not indicative of future results. Data provided is for illustrative purposes only. Consult a licensed financial adviser before making any investment decisions. Investment accounts are provided by a third-party broker dealer.

As of 5 August 2026, yields were 11.3504%, 11.5149%, 11.7000%, and 11.9490% for 1, 3, 6, and 12 months. You should recheck the next SBP result.

As of August 2026, the minimum face value is Rs 5,000 in Rs 5,000 multiples. Your purchase debit is slightly lower.

You can use a bank IPS account, InvestPak, or JazzCash if eligible. You should compare tenors and fees.

Yes. As of the 16 June 2026 launch, eligible verified customers with an active Mobilink Bank deposit account could buy three-month bills from Rs 5,000.

An IPS account is the electronic custody record for government securities. You can request one from a commercial bank directly or through InvestPak.

As of August 2026, commercial banks can offer IPS services. You should ask your bank about eligibility and fees or, alternatively, apply through InvestPak.

They are sovereign rupee obligations with low credit risk relative to private debt. However, you still face inflation, price, liquidity, and currency risk.

Sometimes. You should compare the same term after tax, fees, and exit costs. A deposit can be simpler, while a T-Bill may pay more.

Yes. You can sell through your bank or InvestPak. However, the price is market-based, fees may apply, and a gain can attract section 151A withholding.

As of the rules effective from 1 July 2026, an individual generally faces 15% withholding on the ATL and 30% outside the ATL. Other taxpayer categories can differ.

The information in this article is provided for general informational and educational purposes only and does not constitute financial, legal, or tax advice from nsave or any of its affiliates. It is not a substitute for advice from a qualified financial adviser. We make no representations or warranties, whether expressed or implied, that the content is accurate, complete, or up to date.

Fees, exchange rates, incentives, and product availability may change and can vary by user and jurisdiction. Examples are illustrative only. Before making any financial decisions, seek advice from a qualified financial adviser who can assess your individual circumstances and objectives.

nsave helps freelancers and professionals from Bangladesh, Nigeria, Pakistan, Egypt, and other emerging markets receive and manage USD abroad. As a non-bank payment provider, your money is not protected by the Financial Services Compensation Scheme (FSCS). Customer funds are held in regulated UK and EEA financial institutions, separated from company funds, and protected through safeguarding rules designed for electronic money services.