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Roshan Digital Account for NRPs - All You Need to Know

Roshan Digital Account for NRPs - All You Need to Know

24 Dec 2022


Several Pakistani banks provide Non-Resident Pakistanis, or NRPs, with a Roshan Digital Account. Expats can use the account to send money to Pakistan for investment purposes. Keep reading to find out more about Roshan Digital Accounts and how they function. In addition, you’ll learn about which Pakistani banks provide them and what you may expect if you choose to open one.

What is a Roshan Digital Account?

Roshan Digital Accounts (RDA) are bank accounts available in Pakistan to assist Non-Resident Pakistanis in investing money earned overseas. It functions similarly to a bank account but with additional services and features. The ease of opening and maintaining the account, as well as the variety of investment options, make it popular among Pakistanis living abroad. Here's all you need to know about a Roshan Digital Account.

Eligibility Criteria

This account is valid for Non-Resident Pakistanis and Pakistan Origin Card holders to apply. Residents of Pakistan are not eligible unless they have proven money in another country and are keen on investing in Pakistan. 

Funding

The RDA can only be supported through money transfers from outside Pakistan for the initial deposit and any further financing. Most banks will not charge a fee for accepting foreign cash into an account.

Currency

The RDA can be kept in Pakistani Rupees, as an NRP Rupee Value account, or in one of the bank's specialised foreign currencies. Foreign currency value accounts, or FCVA, are commonly held in US dollars, British pounds, or euros; however, this varies per bank. Certain banks will provide more currency possibilities, such as the Japanese Yen, Saudi Riyal, and Emirati Dirham. Fees for the RDA will be determined by the currency in which the account is stored.

Account Classifications

The bank determines the sort of account you can open. Some banks will enable you to open a single or joint account and a current or savings account. All banks will provide both a conventional and an Islamic Sharia-compliant alternative. Check with the bank that best meets your requirements.

Several overseas Pakistanis transfer funds back home from abroad for various purposes. Most expatriates’ primary purpose of a money transfer to Pakistan remains supporting the family’s financial needs. Besides managing their households, many Pakistanis worry about their children’s future, for which they desire to make savings. A Roshan Digital Account can help these overseas Pakistanis fulfil their dreams.

The RDA Account - How to Manage it?

An RDA account allows you to apply, open, select investments, take action and transfer funds online. Depending on the bank, most accounts can be handled via internet banking or mobile app access. Find a bank that offers the comfort and ease that you require. For instance, online money transfer to Pakistan is the easiest service to use.

The Advantages of Roshan Digital Account 

Non-Resident Pakistanis can profit from a Roshan Digital Account in various ways. First, the account offers an option to NRPs who want to expand and invest in Pakistan. NRPs will not have to go to Pakistan to create an account, and most transactions will be conducted online from anywhere in the world. Many banks prefer that documentation be uploaded to the internet application rather than being sent in.

Once you've opened a Roshan Digital Account, you may use it to make several investments. Here are some examples of common investments you may make using RDA funds:

  • Investment in Naya Pakistan Certificate 
  • Investment in Pakistani Stock Exchange shares
  • Options for Islamic investing
  • Roshan Aapna Ghar for Pakistani house loans
  • Roshan Apni Automobile is a car loan company in Pakistan.
  • Options for Roshan's life insurance
  • Make zakat contributions.
  • An online money transfer to Pakistan for family (Domestic Transfers)

RDA accounts often allow for money repatriation, which implies that funds in the account may be remitted back overseas if necessary.

Best Roshan Digital Accounts Banks

Roshan Digital Accounts are available from several banks around Pakistan. Here's a short rundown of some of the banks and the qualities that set them apart:

Bank: HBL 

About: HBL offers joint RDAs, and accounts may be opened in any of seven worldwide currencies.

Advantages: US dollar account holders are eligible for a US dollar debit card. There is a mobile app available.

Bank: UBL

About: UBL is a well-known bank that provides uncomplicated account opening as well as 5 different foreign currency accounts.

Advantages: UBL provides simple Net banking for RDA accounts and 24-hour customer assistance.

Bank: Allied Bank

About: Standard RDA accounts are available from Allied in Pakistani rupees, US dollars, British pounds, or Euros.

Advantages: There is no need for an initial investment. No cost debit card and chequebook.

Bank: Meezan Bank

About: Meezan provides RDAs in Pakistani Rupees, US dollars, British Pounds, or Euros, and each account is assigned a dedicated relationship manager.

Advantages: Takaful investments and Meezan mutual funds are available. A first debit card is free.

Bank: MCB

About: MCB RDAs can be kept in Pakistani Rupees or US Dollars and easily repatriated.

Advantages: Account holders save money on MCB Platinum, Gold debit, and credit cards. MCB offers free outgoing remittances.

Deposit in Roshan Digital Account 

To finance the Roshan Digital Account, funds must be deposited from outside the country. The funds must also be deposited directly into the bank account. One of the most convenient ways to fund your Roshan Digital Account is as follows:

ACE Money Transfer – ACE provides the best services for its Pakistani expatriates to send and receive money from abroad with the highest exchange rates and the lowest transactional prices. This is the most efficient way to save yourself some pennies and invest in the future of your country. If you are an overseas Pakistani, making a Roshan Digital Account for savings and investment purposes is recommended, so you can send money to Pakistan online and plan for a secure future for your family.


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