Why should every Overseas Pakistani have Roshan Digital Account?

Feb 24, 2022 | Latest News, Updates

Roshan Digital Account is the latest digital initiative for Overseas Pakistanis by the State Bank of Pakistan. It aims to enable overseas Pakistani to invest, pay, and bank in the country. With millions of Pakistanis living abroad, it is a dynamic and essential push towards a prosperous and developed Pakistan.

Roshan Digital Account Initiative of PTI

Roshan Digital Account is the State Bank of Pakistan’s latest digital initiative for Overseas Pakistanis. Its goal is to allow and facilitate overseas Pakistanis to invest, pay, and bank in Pakistan. With millions of Pakistanis living in other countries, it is a vital and dynamic push toward a prosperous and developed Pakistan. This large-scale initiative has enlisted the participation of eight commercial banks. Let us discuss the Roshan Digital Account initiative and why Pakistanis are so enthusiastic about it!

What You Should Know About the Roshan Digital Account

As previously stated, the Roshan Digital Account initiative aims to boost Pakistan’s economy by attracting foreign investment via Overseas Pakistanis. Overseas Pakistanis will be able to actively invest, bank, and send money to Pakistan without having to be physically present. The initiative is being carried out collaboratively by eight commercial banks operating under the auspices of the State Bank of Pakistan, which is currently providing the Roshan Digital Account service. However, depending on the bank’s policies, the procedure may differ.

The procedure is straightforward, transparent, and quick. By following these simple steps, overseas Pakistanis can obtain a Roshan Digital Account without having to physically present themselves in Pakistan.

  1. Choose a bank.
  2. Provide Account Opening Details
  3. Choose an Account Type
  4. Submit Required Documents for Verification
  5. Include a photograph
  6. Obtain Confirmation

What Documents Are Required for a Roshan Digital Account?

Overseas Pakistanis must submit the following documents with their account creation form:

  • Overseas Pakistani National Identity Card (NICOP), Pakistan Origin Card (POC), or Computerized National Identity Card (CNIC)
  • Scanned copies of the original passport’s first two pages
  • Evidence of the declared source of income (Payslips, Job details, etc.)
  • A recent photograph
  • White paper signature

The documents required may differ from one bank to the next, as some may require additional documents based on the bank’s standard operating procedures.

Areas of Investing for Roshan Digital Account Holders

The Roshan Digital Account initiative creates a diverse range of investment opportunities. Overseas Pakistanis with an account can invest in the following:

  • Government-sponsored savings plans
  • Bank-administered fixed-deposit schemes
  • Stocks on the Pakistani stock exchange
  • Investments in residential and commercial real estate

Please keep in mind that the first three investment categories began in the initiative’s early stages, while real estate and mutual fund investments are reserved for the second phase.

What is the Roshan Digital Account Initiative’s Importance?

With the help of cutting-edge technology, the Roshan Digital Account Initiative provides account holders with a variety of services, including:

  1. Digital access to all traditionalized account services, such as fund transfers, fee and bill payments, as well as e-commerce services.
  2. Roshan Digital Account holders can invest in Naya Pakistan Certificates (NPCs), which the Pakistani government strongly encourages.
  3. Enabled investment in Pakistan’s stock market
  4. Access to investment opportunities in the commercial and residential real estate sectors of Pakistan

Which Bank Should I Contact to Open a Roshan Digital Account?

On September 10, 2020, the State Bank of Pakistan launched the Roshan Digital Banking service in collaboration with eight Pakistani central commercial banks. The following are the items on the list:

  1. Habib Bank Ltd. (HBL)
  2. United Bank Limited (UBL)
  3. Islamic Commercial Bank (MCB)
  4. Faysal Bank
  5. Meezan Bank
  6. Alfalah Bank
  7. Standard Chartered Bank
  8. Samba Bank

What Are the Benefits of Having a Roshan Digital Account?

The digital era in Pakistan has created significant opportunities by providing innovative banking solutions to Overseas Pakistanis living abroad. Technological advancements have transformed the banking industry, affecting a wide range of services.

Full Digital Account

Roshan Digital Accounts is a full-service digital platform. The initiative to accommodate overseas Pakistanis is supported by major FinTech players in the industry, from the creation of the account to the management of its offered services. The Roshan Digital Account allows expatriates to send money to anyone in Pakistan and withdraw money in Pakistani rupees.

Swift Account Creation

Overseas Pakistanis can open a Roshan Digital Account without physically visiting the bank. After successfully submitting the required documents, individuals can obtain a verified account in as little as 48 hours.

There is no minimum balance requirement.

Roshan Digital Account holders can withdraw funds without having to worry about keeping the bare minimum balance. For example, if an account holder wants to withdraw all of the funds from their digital account, they can do so without having to retain a certain amount to keep the account active.

Real Estate Investments That Are Simple

The Government of Pakistan, in collaboration with the State Bank of Pakistan, has launched a service that facilitates quick and easy real estate investments. According to the SBP, the minimum period required to invest in real estate is three years. After completing the time frame, the investor will be able to make real estate investments.

However, if an investor wishes to withdraw funds during the specified period, they have the option of repatriating funds to the lowest possible amount or a specified amount equal to the principal investment amount in Pakistani rupees.

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