Roshan Digital Account is a new initiative of the State Bank of Pakistan in collaboration with almost all commercial banks operating in Pakistan.
Roshan Digital Account provides innovative banking solutions for millions of Non-Resident Pakistanis (NRPs) seeking to undertake banking, payment, and investment activities in Pakistan.
Now overseas Pakistani can open their bank account in Pakistan without visiting the bank. Opening the account will require only a basic set of information and documents. Banks have been asked to complete all necessary customer due diligence within 48 hours.
Lifestyle Banking: Roshan Digital Account will fully integrate Pakistanis into Pakistani banking and digital payment system. Overseas Pakistani were demanding of this system.
Facilities in Roshan Digital Account
It will provide access to all conventional account services, including funds transfer, bill payments for their families, e-commerce, and other payments in Pakistan.
It will also enable investment in specially designed saving instruments for NRPs called Naya Pakistan certificates, which are being launched soon by the Government of Pakistan.
These instruments will be available in both US dollars and Pakistani rupees, at short- and long-term tenors, with attractive rates of return and in both conventional and Sharia-compliant forms.
- It will allow NRPs to invest in fixed deposit products offered by banks.
- It will enable NRPs to invest in Pakistan’s stock market.
- Going forward, it will also enable NRPs to undertake residential and commercial real estate-related transactions in Pakistan.
- It will be backed by debit and virtual debit cards for both domestic and overseas use.
Accounts available in both Foreign Currency and Pakistani Rupees NRPs can choose either foreign currency or rupee-denominated account, or both. They would be interoperable and enable real-time online conversion from foreign currency to Pakistani Rupees, and vice versa.
FAQs on Roshan Digital Account
Q1. Who can open a Roshan Digital account?
- Non-Resident Pakistanis can open a Roshan Digital account.
Q2. What documents are required to open a Roshan Digital account?
- Valid CNIC/ SNIC/ NICOP/POC
- Valid Overseas Pakistanis Foundation membership card (if applicable)
- Valid other country passports (if applicable)
- Proof of NRP status (POC/ Visa entry/ exit stamps, etc)
- Proof of profession & source of funds
- Bank Statement
Q3. What transactions are allowed on my Roshan Digital Account?
- Remittances received from abroad through banking channel
- Proceeds of Government of Pakistan securities (as allowed by State Bank of Pakistan) and term deposits, and profit/interest on these
- Refund of amounts debited incorrectly or over-charged.
- Remittances and payments outside Pakistan to the funding account
- Investment in Government of Pakistan securities (as allowed by the State Bank of Pakistan) and term deposits
- All inland (within Pakistan) payments and funds transfer within Pakistan only – These can be done via PKR account only
- Debits in lieu of applicable government taxes/duties etc., bank charges, and reversal of any incorrect/wrong credit
Q4. Is Internet banking available for Digital Account?
- Yes, Internet banking is allowed.
Q5. Will I get a Debit card/ Cheque book when I open my Roshan Digital account?
- No, you will not get a debit card or checkbook when you open the Digital account
Q6. How do I apply for my Roshan Digital Account?
- Through the digital form on the Bank’s websites
Q7. Is this a Current Account?
Q8. What currency can the account be opened in?
- Roshan Digital accounts can be opened in PKR and USD only.
Q9. Is the account operation, singly or jointly?
- The account can be operated either singly or jointly
Q10. How can the dormancy be removed?
- It can be made operative by fulfilling formalities in domestic as well as Overseas branch, representative office, or banking subsidiary of any Bank.
Q11. How can I fund the account?
- Roshan Digital accounts will be funded through remittances via the Banking channel only.
Q12. Does the account allow repatriation?
- Full repatriation and convertibility are allowed for Digital Account
List of Banks
Below is the list of banks currently offering Roshan Digital Account. You can click on any bank name, you will land to its account opening procedure.
- Standard Chartered Bank
- Habib Bank Limited
- United Bank Limited
- Faysal Bank Limited
- Bank Alfalah Limited
- Meezan Bank
- MCB Bank Limited