The State Bank of Pakistan recently announced a new banking solution for Non-Resident Pakistanis called the Roshan Digital Account. The initiative, which incorporates 8 leading commercial banks in Pakistan, aims to help overseas Pakistanis “undertake banking, payment and investment activities in Pakistan.”
The State Bank and the Government of Pakistan is hoping that the new banking solution will encourage Pakistanis living abroad to make investments inside the country and help uplift the nation’s economy. To that end, Roshan Digital Accounts will be granted special privileges and offer plenty of features such as:
- No minimum balance requirements
- Opening a current or savings account in either PKR or foreign currencies including USD, GBP, EUR, SAR, and AED
- Current or Savings Account offered with either Traditional or Islamic banking
- Multiple accounts can be opened on single CNIC/Passport
- Monthly account statements to a registered email address
- Repatriable funds back to originating account
- Easy funds transfer between foreign currency and PKR accounts
- Joint Account facility
- Mobile Banking Apps
- Free Debit Card and Cheque Book delivered to account holders in their respective country
- Utility Bill Payment and Mobile top-ups
- Zakat & Donation payments
- Easy investment in Pakistan Stock Exchange
- Exclusive access to upcoming government bonds/certificates
- Exemption of withholding tax on all cash withdrawals and non-cash transactions
- Easy account opening within 48 hours
Accounts holders don’t need to file tax returns on the investments made from their Roshan Digital Accounts. Instead, a full and final rate of 10% withholding tax will be charged on profits, further saving account holders from a lot of hassle.
The Roshan Digital Account is the country’s first digital bank account that can be opened remotely through its online process. In this article, we will help you open your own Roshan Digital Account by guiding you through this registration process.
Roshan Digital Accounts are available only to Non-Resident Pakistanis, and can be opened by:
- Non-Resident Pakistanis with a valid CNIC/SNIC/NICOP
- Foreign Nationals with a Pakistan Origin Card (POC)
- Resident Individual Pakistanis who have duly declared assets in a country other than Pakistan (this category is only eligible for foreign currency accounts)
The required documents for the digital registration process include:
- Original scanned CNIC/NICOP/POC
- Original scanned Pakistani Passport (first 2 pages) (for NRPs, OPF members, and Government Employees posted abroad)
- Original scanned copy of Foreign Passport (first 2 pages) (for POC holders)
- Wealth statement declared in latest tax returns with Federal Board of Revenue (FBR) (for Resident Pakistanis Only)
- Proof of NRP status (POC, visa, entry/exit stamps, etc.)
- Proof of Profession and Source of Income/Funds (job certificate, tax return, rent agreement, salary slips, etc.)
- Live photograph
- Scanned image of signature on white paper
The account opening process is as follows:
- Select a bank with which you want to open your Roshan Digital Accounts. The State Bank has mandated 8 commercial banks in Pakistan to offer a Roshan Digital Account facility, including:
- Bank Alfalah (https://invest.bankalfalah.com/ops/IdentityVerification.aspx?type=Islamic)
- Faysal Bank (https://www.faysalbank.com/en/roshan-digital-accounts-for-overseas-pakistanis/)
- Habib Bank Limited (https://www.hbl.com/applyebancroshandigitalaccount)
- MCB Bank Limited (https://www.mcb.com.pk/personal-product/roshan-digital-account)
- Meezan Bank (https://www.meezanbank.com/roshan-digital-account/)
- Samba Bank (https://www.samba.com.pk/samba/banking-detail/roshan-digital-account-opening-facility)
- Standard Chartered (https://www.sc.com/pk/save/roshan-digital-account.html)
- United Bank Limited (https://ubldigital.com/NRP-Services/aof)
Each bank offers its own version of Roshan Digital Account with some minor differences and features, so it is important to go through each bank’s policy.
- Choose account type. You may choose between Traditional and Islamic banking options when opening your Roshan Digital Account. The terms for each will be provided by your respective bank, so be sure to go through them carefully before choosing your account type. Furthermore, you may choose between a current account and a savings account. You may also open multiple accounts on the same passport or CNIC/NICOP.
- Fill out account opening form. Each bank will offer their own account opening form on their online portals and websites, making the entire process completely digital.
- Gather and upload the documents listed above.
- Add a live picture. You will be prompted to take a live picture using your mobile phone’s camera or your webcam to verify your identity.
- Receive confirmation of successful account opening within 48 hours. If you do not receive a confirmation message, please contact your respective bank’s Roshan Digital Account helpline to resolve any issues.
- Finally, you may transfer funds into your account. Funds may only be transferred to your account from outside Pakistan however, they can be returned to the original account from your Roshan Digital Account.