Roshan Digital Account Pakistan is a recent major initiative taken by the State Bank of Pakistan on directives of the recent government. It is one of the major opportunities and chances for overseas Pakistanis to connect to their homeland and benefit their economy all the while not letting a strain or burden on their pocket.
What is Roshan Digital Account and how to open it? Let’s discuss it in detail:
What Is Roshan Digital Account Pakistan?
In collaboration with commercial banks throughout the country, the State Bank of Pakistan is providing non-resident Pakistanis (NRPs) a chance to step into innovative banking solutions. These accounts are for those millions of Pakistanis residing abroad that want to make payments, invest, and undertake banking in Pakistan from wherever they are in the world.
Roashan Digital Account Pakistan is basically allowing NRPs to remotely open their account in Pakistan entirely digitally and through online mediums. This means that they won’t have to visit a branch and be present physically for all the account opening ceremonies. Just with the basic information and the required documents, the partner commercial bank will open the account within 48 hours.
Benefits Of Opening This Account:
The Roshan Digital Account integrates Pakistani banking and the payment system for non-resident Pakistanis in the following ways:
- It provides access to all the conventional bank account services digitally. The Roshan account holders can make use of funds transfer, e-commerce, and bills & fee payment services
- They can also invest in Naya Pakistan Certificates (NPCs) being issued by the Government of Pakistan. The investment can be done in both PKR and USD on conventional and Shariah-compliant forms. Only a 10% withholding tax will be applicable on the profits. Otherwise, there will be no deduction or secret fees, etc. Except, the bank’s schedule of charges on the various services provided will be applicable and can change as per the bank selected. You should check that before making the final bank decision. Tax filing isn’t required either
- Investment in Pakistan’s stock market will be accessible as well
- Investment opportunities in commercial and residential real estate and property market will open up soon
How To Open Roshan Digital Account Pakistan?
To open a Roshan Digital Account in Pakistan is super easy and requires you to just take out some time and follow the steps mentioned below in the order:
Select A Bank
You have eight different banks in Pakistan as options to choose to open your account at. Pick one you would want to be associated with. The banks include Bank Alfalah, Faysal Bank, Meezan Bank, HBL, UBL, MCB, Samba Bank Limited, and Standard Chartered.
Fill The Form
The second step is to go to the selected bank’s website. Find the account opening form and fill it digitally. Enter all the details correctly for an error that can lead to issues.
Choose Account Type
Now you will have to choose the type of digital account you want to open up with that bank. You can choose between either a Pak Rupee Account or you can go for a Foreign Currency Account as well. Totally up to what suits you.
Upload Required Documents
This is where you will have to upload all your important documents as required by the bank to do so. You will require scanned copies of the following documents to be uploaded:
- CNIC/ POC/ NICOP
- Passport (Can be Pakistani or foreign country as well)
- Proof of non-resident status
- Proof of job or a source of income like an employment letter, bank account, or salary slip for those who are employed and business registration document, bank account statement, or company letterhead for those who run their own business
In this step, you will be asked to upload a digital photo taken at the time of filling the form. In short, the photo will be uploaded live to prove your identity and to authenticate it.
Once you have followed all the steps above successfully, you will have to wait for around 48 hours to receive the confirmation of a Roshan Digital Account opening from your bank.
Now that you have received the confirmation of your account opening, you can easily transfer funds to the account through your bank situated in the country where you are residing at the moment. Keep in mind that the funds available in the account can be remitted back from Pakistan at any time without prior permission of the State Bank of Pakistan.
Which bank is good for Roshan digital account?
A lot of the interested people ask this question as well. All the selected banks are equally good and worthy of being chosen. The State Bank of Pakistan hand-picked the banks for this service out of so many more, so those who are not residing in the country can get the best and the easiest way to open their accounts without any issues.
Which bank offer online account opening?
The Roshan Digital banks that allow online account opening include Bank Alfalah, Faysal Bank, Meezan Bank, HBL, UBL, MCB, Samba Bank Limited, and Standard Chartered.
Can I open a bank account online without going to the bank in Pakistan?
Yes, definitely. This is the entire purpose of the Roshan Digital scheme by the Government of Pakistan. It gives non-resident Pakistanis the ease to open their accounts online without having to physically visit.