Wednesday, June 23

A complete guide on opening a Roshan Digital Account

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The state bank of Pakistan has recently announced a new banking solution for overseas Pakistanis who wish to open a bank account in Pakistan. The new initiative is Roshan Digital Account. This article is a complete guide on opening a Roshan Digital Account.

Roshan Digital Account



Objectives

The main objective of introducing the digital bank account is to help the non-residential Pakistanis to undertake banking activities like payments, and investment in Pakistan.

The Government of Pakistan aims to enable overseas Pakistanis to operate their digital accounts in their home country while sitting abroad. As a result, the government plans to attract investment to bolster foreign exchange reserves in the country. The joint initiative by the state bank of Pakistan and Pakistan government hopes the new banking solution will encourage non-residential Pakistanis to make investments inside the country.

Features of Roshan Digital account

Perhaps, before opening a Roshan Digital Account, the first and the foremost thing is to study its features.

  • The account can be opened either in Pakistani Rupees or Foreign currencies like USD, GBP, SAR, AED, EUR.
  • The client can open either a current or saving account
  • Both, current or saving accounts are offered with the Traditional or Islamic Banking system. You can select any of the two systems. Most importantly study all the terms and policies of the respective bank before selecting.
  • No minimum balance requirement.
  • A single CNIC holder can open multiple accounts.
  • Mobile Banking Apps.
  • Monthly account report will be sent via email
  • Easy account opening within 2 days.
  • Free debit card, and cheque book delivery to the respective country of the account holder.
  • Joint account facility
  • Repatriable funds back to originating account
  •  Easy funds transfer facility in either Pakistani or foreign currency
  • Utility bill Payment option
  •  Mobile Top-ups
  •  Zakat and other donation
  • Easy investment plans in Pakistan stock exchange
  • Easy access to upcoming government bonds Withholding tax exemption on cash withdrawals and non-cash transactions

Name of banks involved in opening a Roshan Digital Account

The initiative cooperates with eight leading commercial banks of Pakistan.

  • Meezan Bank
  • Samba Bank
  • Bank Al Falah
  • Faysal Bank
  • Habib Bank Limited
  • Muslim Commercial Bank Limited
  • United Bank Limited
  • Standard Chartered Bank

Each of the listed banks offers its own type of Roshan Digital Account. There is a brief difference in each bank’s policies and features. Hence, it is better to study each bank policy before selecting your favorite bank for opening this account.



Registration Process

Undoubtedly, this is the first digital account of the country because this bank account can be easily opened by following an online process. Here is a complete guide on the registration process. Follow the process as it will help you in opening a Roshan Digital Account.

Requirements for opening a Roshan Digital Account

Roshan Digital Bank Account is only for non-residential Pakistanis. For opening a Roshan Digital Account the Foreign national must possess the following:

  • CNIC / SNIC / NICOP
  • Pakistan Origin Card (POC)
  • For opening a foreign currency account, it is eligible for the Pakistanis to duly declare their assets in the foreign country.

Other documents needed for the registration process

  • Original scanned CNIC / NICOP / POC
  •  For NRPs, OPF members, and government servants, scanned copy of first two pages of Pakistani passport.
  • Scanned copy of original foreign passport for POC holders
  • Declared wealth statement in the latest tax return with FBR
  • Proof of NRP status
  • Proof of profession
  •  Source of income
  • Scanned image of the signature
  •  Live photographs

Account opening process

Certainly, if you have the required documents, then move forward with the registration process.

  • Firstly select the bank in which you wish to open a Roshan Digital Account.
  • Secondly, choose an account type. Remember to study all the terms and policies of the bank before selecting the account.
  • Thirdly, you will have to fill the account opening form. The account opening form will be available on each bank’s website or portal.
  • Upload all the scanned documents and pictures. You will need a mobile camera or webcam to upload your live photograph. Live photograph will be necessary for verification process.
  • After submitting the account opening form you will receive a confirmation message of account opening within 48 hours. In case you did not receive any message, feel free to contact your respective bank helpline.
  • Finally, you are now a Roshan Digital Bank Account holder.
  • Now you can transfer funds to your account. The funds can only be transferred to the account from outside Pakistan. Although the funds can be returned to the original bank account from your Roshan Digital Bank account.

Most importantly, the account holders will not be able to file a tax return on their investments because a 10 percent withholding tax will be charged on profits. Roshan Digital Account

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