Deemed a “new era of banking in Pakistan,” Roshan Digital Account is a groundbreaking initiative of the State Bank of Pakistan that allows overseas Pakistanis to operate their bank accounts and directly invest in the country from anywhere in the world. Regardless of where they live, Non-Resident Pakistanis (NRPs) can now open bank accounts online in Pakistan through a completely secure process and enjoy innovative banking solutions and exclusive saving schemes introduced by the government.
Since this is the first time in history that NRPs have been offered an opportunity to remotely open and operate their bank accounts in Pakistan, it is only fair for consumers to have a few questions about the Roshan Digital Accounts, such as their eligibility criteria, types of accounts, and so on.
Therefore, to answer all of your queries about the accounts for overseas Pakistanis, we’ve put together a list of frequently asked questions or FAQs about Roshan Digital Accounts that you may find helpful.
FAQS about Roshan Digital Accounts for Overseas Pakistan
Here are some of the most frequently asked questions about the Roshan Digital Accounts for overseas Pakistanis.
What is a Roshan Digital Account?
Roshan Digital Accounts for overseas Pakistanis are conventional bank accounts that provide online banking solutions to non-resident Pakistanis, allowing them to directly invest in the country through digital channels without having to transfer their funds.
Which banks are offering Roshan Digital Accounts?
As of rights, the following banks are providing digital accounts to overseas Pakistanis:
- Habib Bank Limited
- Muslim Commercial Bank
- Faysal Bank
- Habib Metro Bank
- Meezan Bank
- Bank Alfalah
- Standard Chartered Bank
- United Bank Limited
- Samba Bank
Who can open a Roshan Digital Account?
The following are eligible to open Roshan Digital Accounts:
- Non-Resident Pakistanis
- Resident Pakistanis with wealth abroad declared with FBR
How to open a Roshan Digital Account?
The process to open a Roshan Digital Account is fairly simple.
Step 1: Select a bank
Step 2: Visit the bank’s website and click on ‘Roshan Digital Accounts’
Step 3: Choose the type of digital Account: Pak Rupee Account or Foreign Currency Account
Step 4: Fill out the online form
Step 5: Upload the required documents
Step 6: Capture and upload a photo
Step 7: Receive confirmation of account opening
What types of accounts are offered under Roshan Digital Accounts?
Roshan Digital Accounts offers two types of accounts:
- Foreign Currency Value Account (FCVA)
- NRP Rupee Value Account (NRV)
Who can open a Foreign Currency Value Account?
Only those fulfil the eligibility criteria below can open a Foreign Currency Value Account:
- Non-resident Pakistani
- Non-resident POC card holder
- Resident Pakistani with declared assets held abroad (For now, resident Pakistanis will be required to visit a bank branch to open a digital account)
- Government official or employee posted in a foreign country
Who can open an NRP Rupee Value Account?
Here is the eligibility criteria for opening an NRP Rupee Value Account:
- Non-resident Pakistani
- Non-resident POC card holder
- Government official or employee posted in a foreign country
What documents are required to open Roshan Digital Accounts?
Following documents are required to open a bank account for non-resident Pakistanis:
- Scanned copy of CNIC, NICOP or POC
- Pakistani and/or foreign passport
- Proof of non-resident status
- Job certificate or salary slips for salaried individuals
- Tax return, rent agreement or any other proof of income for business persons
How long does it take to open a Roshan Digital Account?
It takes about 48 hours (2 working days) for the bank to open a digital account following the submission of the duly filled online form and required documents.
Please note the bank will contact the customer in case it requires clarification, which may delay the process.
Can Roshan Digital Accounts be opened jointly?
Non-residents and POC holders can open both Foreign Currency Value Account and NRP Rupee Value Account jointly with other resident or non-resident Pakistanis. However, resident Pakistanis with foreign assets can only open a joint Foreign Currency Value Account with a resident.
Which currency is required to open a Foreign Currency Value Account?
You can open a Foreign Currency Value Account in all major currencies, including:
- US Dollar (USD)
- Euro (EUR)
- Pound Sterling (GBP)
- Canadian Dollar (CAD)
- UAE Dirham (AED)
- Saudi Riyal (SAR)
- Chinese Yuan (CNY)
- Japanese Yen (JPY)
- Swiss Franc (CHF)
- Turkish Lira (TRY)
How can Roshan Digital Accounts be credited?
Roshan Digital Accounts for overseas Pakistanis can be credited with remittances or transferred from the customer’s own FCVA or NRVA in the same bank. Returns on investments and disinvestment proceeds on investments made from the customer’s digital account can also be credited to their FCVA or NRVA.
How can you withdraw money from these accounts?
Just like any other bank account, you can use your cheque books as well as ATM or Debit Card in both Pakistan and abroad to withdraw money.
What are the investment options for NRVA holders?
NRP Rupee Value Account holders can invest in the following:
- PKR-denominated debt securities of Government of Pakistan
- Shares quoted on the stock exchange(s) in Pakistan
- PKR-denominated deposit products of the selected bank
- Residential and commercial real estate
What are the investment options for FCVA holders?
Those holding Foreign Currency Value Account are allowed to invest in these:
- Foreign currency-denominated debt securities of the Government of Pakistan, including the Naya Pakistan Certificates
- Foreign-currency deposit products of the selected bank
Can you invest in real estate through NRVA?
Yes, you can buy residential and commercial real estate (land or constructed property) in new and existing housing schemes in lump sum or instalments through the NRP Rupee Value Account.
Can the funds in Roshan Digital Accounts be remitted back from Pakistan?
Of course, the funds available in Roshan Digital Accounts can be remitted back from Pakistan at any time. You also won’t require prior approval from the State Bank of Pakistan or the bank maintaining your digital account.
This brings an end to our FAQs on Roshan Digital Accounts. If you have any questions about the bank charges or tax obligations for Roshan Digital Accounts for overseas Pakistanis, please visit the official website of the State of Bank of Pakistan for more information.
Meanwhile, if you are looking for details on how to open a bank account in Pakistan or want to learn more about Raast – the first instant digital payment system in the country, our comprehensive guides will surely help you out. You can also take a look at top banks offering home financing solutions in Pakistan for more information.
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Disclaimer: The information mentioned above have been extracted from the website of State Bank of Pakistan and is therefore subject to change at the discretion of the bank.
