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What Is A Roshan Digital Account & How Important Is It for Pakistanis?

What Is A Roshan Digital Account & How Important Is It for Pakistanis?

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!

What You Need to Know About Roshan Digital Account

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.

  1. Select a Bank.
  2. Provide Account Opening Information
  3. Select Account Type
  4. Upload Mandatory Documents for Verification
  5. Add Picture 
  6. Receive Confirmation

What are the Mandatory Documents for a Roshan Digital Account?

Overseas Pakistanis are required to submit the following documents along with the account creation form:

  • National Identity Card for Overseas Pakistanis (NICOP), Pakistan Origin Card (POC) or Computerized National Identity Card (CNIC)
  • Scanned copies of the first two pages of the original passport
  • A proof of the declared source of income (Payslips, Job details, etc.)
  • A current photograph
  • Signature on white paper

The required documents may vary from bank to bank as some may require additional documents based on the bank’s standard operating procedures. 

Investment Areas for Roshan Digital Account Owners

A broad spectrum of investment opportunities is created as part of the Roshan Digital Account initiative. Overseas Pakistanis with an account can invest in:

  • Government-supported saving means
  • Fixed-deposit schemes administered by banks
  • Shares in the Pakistani stock market
  • Residential and commercial real estate investments

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.

What is the Importance of the Roshan Digital Account Initiative?  

The Roshan Digital Account Initiative offers numerous services to account owners with the help of the latest technology, such as: 

  1. Digital access to all conventionalized account services, including transfer of funds, fee, and bill payments with access to e-commerce services
  2. Roshan Digital Account holders can invest in Naya Pakistan Certificates (NPCs), which the Government of Pakistan highly promotes
  3. Enabled investment in the stock market of Pakistan
  4. Access to investment opportunities in Pakistan’s commercial and residential real estate sector

Which Bank Should I Approach for a Roshan Digital Account?

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:

  1. Habib Bank Limited (HBL)
  2. United Bank Limited (UBL)
  3. Muslim Commercial Bank (MCB) 
  4. Faysal Bank
  5. Meezan Bank
  6. Bank Alfalah
  7. Standard Chartered Bank
  8. Samba Bank

What Advantages Can I Expect with A Roshan Digital Account?

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.


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