30 Mar 2021
Roshan Digital Account is the latest digital initiative for Overseas Pakistanis by the State Bank of Pakistan. It aims to enable and facilitate overseas Pakistani to invest, pay, and bank in the country. With millions of Pakistanis living abroad, it is a dynamic and essential push towards a prosperous and developed Pakistan. A total of eight commercial banks have become part of this large-scale initiative. Let's talk about the Roshan Digital Account initiative and why Pakistanis are so excited about it!
As stated previously, the Roshan Digital Account initiative is a drive to boost Pakistan's economy by bringing in foreign investment through Overseas Pakistanis. The account will help Overseas Pakistanis actively invest, bank, and send money to Pakistan without being physically present. The initiative is jointly executed by eight commercial banks, under the umbrella of the State Bank of Pakistan, presently offering the Roshan Digital Account service. However, each bank’s procedure may vary according to its policies.
The process is simple, transparent, and swift. Overseas Pakistanis can acquire a Roshan Digital Account without formally presenting themselves in Pakistan by following these easy steps.
Overseas Pakistanis are required to submit the following documents along with the account creation form:
The required documents may vary from bank to bank as some may require additional documents based on the bank’s standard operating procedures.
A broad spectrum of investment opportunities is created as part of the Roshan Digital Account initiative. Overseas Pakistanis with an account can invest in:
Please note that the first three investment categories have started in the initial stages of the initiative, while real estate and mutual fund investments are reserved for the second phase.
The Roshan Digital Account Initiative offers numerous services to account owners with the help of the latest technology, such as:
The State Bank of Pakistan launched the Roshan Digital Banking service on 10th September 2020 in collaboration with eight central commercial banks of Pakistan. The list is as follows:
In Pakistan, the digital era has opened up significant opportunities by extending innovative banking solutions for Overseas Pakistanis living abroad. Technological innovations have revolutionized the banking industry covering a broad range of services.
Complete Digital Account
Roshan Digital Accounts is a complete digital solution. From the account's creation to managing its offered-services, the initiative is supported by major FinTech players in the industry to accommodate overseas Pakistanis. The Roshan Digital Account enables expatriates to make payments to any individual and funds withdrawal in Pakistani currency.
Swift Account Creation
Overseas Pakistanis can create a Roshan Digital Account without being physically present at the selected bank. Individuals can obtain a verified account in a mere span of 48 hours after successfully submitting the required documents.
No Minimum Balance Requirement
Roshan Digital Account holders can withdraw funds without worrying about retaining the lowest minimum balance. For instance, if an account holder wishes to draw all the funds from the digital account, they can do so without the restriction of retaining a specific amount to keep the account active.
Easy Investments in Real Estate
In association with the State Bank of Pakistan, the Government of Pakistan has inaugurated a service that contributes to rapid and effortless real estate investments. The minimum period required to invest in real estate, aligned by the SBP, is three years. After completing the stipulated time, the investor will be able to make investments in the real estate market.
Although if an investor wishes to withdraw their funds during the stipulated period, they have the option to repatriate funds to the lowest possible amount or a specified amount equivalent to the principal investment amount in the Pakistani rupee.
