Deposits in the newly launched Roshan Digital Accounts (RDA) have exceeded $ 800 million in seven months.
According to the State Bank of Pakistan (SBP), this is an increase of 212$ million in March. Arrivals have been accelerating every month since the launch of the Roshan Digital Account (RDA) in September 2020.
Roshan Digital Account was launched in September 2020 by Prime Minister Imran Khan. This Digital Account is a new initiative of State Bank of Pakistan (SBP) in partnership with major banks of Pakistan to facilitate Non Resident Pakistanis (NRPs) for banking services in Pakistan.
Roshan Digital Account is for Non Resident Pakistanis (NRPs), who want to conduct banking, payment and investment activities in Pakistan. Through this account, they fully integrated with Pakistan’s banking and payment system. For the first time in the country’s history, NRPs will be able to open an account in Pakistan without the need for a physical presence in Pakistan or at an embassy or consulate.
Roshan Digital Account gave them access to the full range of banking services. Further, investment opportunities in Pakistan without any conditions of there presence in Pakistan. Non Resident Pakistanis (NRPs) can invest in New Pakistan Certificates, in stock market, and real estate through this digital account. No State Bank approval requires for returning of funds to these accounts.
What is Roshan digital account?
Roshan Digital Account (RDA) is a digital payments and financial solution, designed in such a way to assist Non-Resident / overseas Pakistanis in their investment plans in Pakistan based Savings Schemes and is suitable for both types of accounts, PKR and USD based transactions.
What Documents are required for opening of roshan digital account
Valid Identity Document (CNIC/ SNIC/ NICOP/POC etc), Valid passport, Proof of NRP status (POC/ Visa entry/ exit stamps, etc), Proof of profession & source of funds, Signature, Live photo, and Valid Overseas Pakistanis Foundation membership card (if applicable).
How does Roshan Digital Account work?
Roshan Digital account holders can do financial transactions like funds transfer to other bank accounts, Utility bill payments, POS transactions. Via online banking, debit card or cheque books. Online banking is available for all Roshan Digital Accounts (RDA) customers.