Last Updated on: 4th July 2023, 09:15 pm
Introduction To Roshan Digital Account For Overseas Pakistani
The State Bank of Pakistan recently announced a new banking solution for Overseas Pakistanis called Roshan Digital Account. The initiative, which includes Pakistan’s 8 major commercial banks, aims to help Pakistanis abroad to “carry out banking, payment and investment activities in Pakistan”. The state bank and the government of Pakistan hope the new banking solution will encourage expatriate Pakistanis to invest in the country and help revitalize the country’s economy.
What is Roshan Digital Account?
Roshan Digital Account is State Bank of Pakistan’s latest digital initiative for Pakistanis abroad. The aim is to enable and facilitate Pakistanis abroad to invest, pay and bank in the country. With millions of Pakistanis living abroad, this is a dynamic and essential step towards a prosperous and developed Pakistan. A total of eight commercial banks have joined this large-scale initiative.
Let’s talk about the Roshan Digital Account initiative and why Pakistanis are so excited about it!
Roshan Digital Account Key Features & Set Up
Before opening a Roshan digital account, you might want to study its features first.
- The account can be opened in Pakistani rupees or in foreign currencies such as USD, GBP, SAR, AED, or EUR.
- The customer can open a current account or a savings account
- Current or savings accounts are offered with the traditional or Islamic banking system. You can choose one of two systems. The most important thing is that you study all the terms and policies of each bank before making your choice.
- No minimum balance requirement.
- The same CNIC holder can open multiple accounts.
Mobile Banking Applications. - The monthly report of the account is sent via email.
- Easy account opening in 2 days.
- Free delivery of debit card and checkbook to the account holder’s country.
- Joint Accounts Facility
- Funds will be returned to the original account
- Facility for transferring funds in Pakistani or foreign currency
- Utility bill payment option
- charge cell phone
- Zakat and other donations
- Easy investment plans on the Pakistan Stock Exchange
- Easy access to pending government bonds. Withholding tax exemption on cash withdrawals and non-cash transactions
Roshan Digital Account Requirements
Overseas Pakistanis are required to submit the following documents along with the account creation form:
- National Identity Card for Overseas Pakistanis (NICOP), Pakistani Origin Card (POC), or Computerized National Identity Card (CNIC)
- Scanned copies of the first two pages of the original passport
- Proof of declared source of income (salary slips, employment details, etc.)
- A current photo
- Signature on white paper
Required documents may vary from bank to bank as some require additional documents depending on the bank’s standard procedures.
Roshan Digital Account Banks List
The initiative cooperates with 8 major commercial banks in Pakistan:
- Roshan Digital Account Meezan Bank
- Samba Bank
- Bank AlFalah Limited
- Faysal bank
- Roshan Digital Account Meezan Bank
- Muslim commercial bank limited
- United Bank Limited
- Standard Chartered Bank
- Allied Bank
Each of the banks listed offers its own type of Roshan digital account. There is a brief difference in the policies and characteristics of each bank. Therefore, it is better to study each bank policy before choosing your preferred bank to open this account.
What Are The Best Investment Areas For RDP Account Owners?
A wide range of investment opportunities will be created as part of the Roshan Digital Account initiative. Overseas Pakistanis with an account can invest in:
- State-sponsored savings vehicles
- Bank-managed fixed-term deposit systems
- Stocks in the Pakistan stock market
- Investments in residential and commercial real estate
Note that the first three investment categories started in the early stages of the initiative, while real estate and mutual fund investments are reserved for the second stage.
Also Read: Roshan Digital Account Sets New Records By Crossing $1.5 bln
Roshan Digital Account Benefits
In Pakistan, the digital age has opened significant opportunities by extending innovative banking solutions to expatriate Pakistanis. Technological innovations have revolutionized the banking sector with a wide range of services.
Full Digital Account
Roshan Digital Accounts is a complete digital solution. From creating the account to managing the services offered, the initiative is backed by the major FinTech players in the industry to welcome Pakistanis abroad. Roshan’s digital account allows ex-pats to make payments to anyone and withdraw funds in Pakistani currency.
Fast Account Creation
Overseas Pakistanis can create a Roshan digital account without being physically present at the selected bank. People can get a verified account in just 48 hours after successfully submitting the required documents.
No Minimum Balance Requirement
Roshan digital account holders can withdraw funds without worrying about maintaining the lowest minimum balance. For example, if an account holder wishes to withdraw all funds from the digital account, they can do so without the constraint of maintaining a certain amount to keep the account active.
Easy Real Estate Investments
In cooperation with the State Bank of Pakistan, the Government of Pakistan has launched a service to help with real estate investments quickly and effortlessly. According to the SBP, the minimum term for investments in real estate is three years. After the term has expired, the investor can invest in the real estate market.
However, if an investor wishes to withdraw their funds within the stipulated time limit, they have the option of returning the funds at the lowest possible amount or at a specified amount equal to the principal amount of the investment in Pakistani rupees.
Also Read: Pakistan Received The Highest Inflows of $1.4 Bln From UAE into Roshan’s Digital Account