Everything You Need to Know About Roshan Digital Account

Highlights of the Post:
About Roshan Digital Account
Guide to Roshan Digital Account
Documents required
Eligibility criteria
FAQs about Roshan Digital Account

If you are wondering what is Roshan Digital Account, then you have landed on the right page.

About Roshan Digital Account

It is an initiative by the Federal Government to facilitate overseas Pakistanis. The bank account enables them to open and manage their financial activities in Pakistan from anywhere in the world. 

In this blog, we will answer some frequently asked questions about Roshan Digital Account. We will also take a look at how overseas Pakistanis can apply for this account while staying in the comfort of their house. 

Let’s begin! 

A Step-by-Step Guide for Opening Roshan Digital Account 

Wondering how to open Roshan Digital Bank Account in Pakistan? Well, we have compiled a comprehensive guide for you: 

• Step 1: For opening a Roshan Digital Bank Account, you need to first find the banks offering this service in Pakistan. We have mentioned the name of a few banks in the latter part of this blog. Once you have finalised the bank you want to go with, move on to the next step.
• Step 2: Visit the official website of the bank you’ve selected and find the option for ‘Roshan Digital Account’. You will be required to fill an application form for opening a digital account. 
• Step 3: Moving further, now choose the type of currency your account will receive such as foreign currency [like USD] or Pakistani Rupees. 
• Step 4: In the next step, you will need to upload the digital copies of the documents that we have mentioned below. 
• Step 5: Now, the website will ask for a digital profile picture that will be taken at the moment you’re filling the form. 
• Step 6: Once you have completed all the requirements above and applied for Roshan Digital Account, you will need to wait for the confirmation from the respective bank. It can take up to 48 hours. 
• Step 7: After the confirmation from your respective bank, you can transfer funds in the account and make digital payments through any bank from anywhere in the world. 

Documents Required for Opening Roshan Digital Bank Account

Digital banking in Pakistan has never been this easy. These are the documents required for opening a digital bank account in Pakistan: 

• Bank Statement
• Proof of non-resident Pakistani (NRP) status via POC, visa entry, or exit stamps 
• Proof of profession and source of funds
• Identity card such as CNIC/NICOP/POC
• Foreign passport [if applicable]
• Overseas Pakistanis Foundation membership card [if available]
• Digital signature or scanned signature on white paper

Note: The document required for opening Roshan Digital Bank Account might differ from different institutions in Pakistan. We have only provided the list of mandatory documents. Applicants are advised to double-check with the desired bank to avoid any inconveniences.

Eligibility Criteria for Roshan Digital Bank Account 

The below-mentioned individuals are allowed to open a digital bank account in Pakistan: 

• Government employees appointed by the Federal Government of Pakistan or a Provincial Government who are posted abroad.
• Non-Resident Pakistani Nationals (NRPs) having CNIC, SNIC, or NICOP
• Members of Overseas Pakistanis Foundation (OPF) or foreign nationals who have Pakistan Origin Card (POC)

Note: In case the applicant is a minor, the parent or the legal guardian of the applicants are required to carry out all transactions on their behalf until they turn 18, or any age at which time the Minor should meet complete criteria mentioned above.

Now that you have all the information about the procedure of opening Roshan Digital Bank Account in Pakistan, let’s answer some of the most popular queries about this digital bank account. 

Most Popular FAQs About Roshan Digital Account

Here’s our compilation of the most frequently asked questions about Roshan Digital Account in Pakistan:

Where to apply for account? 

Several banks in Pakistan are offering this facility at the moment. Some mentions in this regard are: 

• Bank Alfalah: https://www.bankalfalah.com/
• Faysal Bank: https://www.faysalbank.com/
• Habib Bank Limited (HBL): https://www.hbl.com/
• Meezan Bank: https://www.meezanbank.com/
• Muslim Commercial Bank (MCB): https://www.mcb.com.pk/
• Samba Bank: https://www.samba.com.pk/
• Standard Chartered: https://www.sc.com/pk/
• United Bank Limited (UBL): https://www.ubldigital.com/

You can apply easily by navigating to the official websites of the banks mentioned in the list above.

What are the key features of Roshan Digital Account?

Features of Roshan Digital Account might vary from one bank to another. However, we have listed the general features that are offered by almost every bank in Pakistan:

• Round-the-clock internet banking
• Assistance via helpline 
• Easy conversion of funds
• Electronic bank statements 
• Text message alerts
• Funds Transfer Facility
• Multicurrency 
• No minimum balance requirement
• Utility bill payments
• Customers can transfer amounts by Foreign Inward Remittances 
• Investment opportunities in Pakistan and easy access to the stock market
• Users can easily withdraw their funds into any of their accounts internationally by using transfer facility  

Who can apply for this account?

Non-Resident Pakistanis or overseas Pakistanis are allowed to open this account with any registered bank in Pakistan.

What transactions are allowed on the digital account?

Just like any other bank account, the digital account allows two types of transactions including credit and debit.

The detailed overview of valid transactions under these accounts is mentioned below:

Credit Transactions

• Payments received from abroad [only through registered banks]
• Earnings of Government of Pakistan securities, term deposits, and profits or interests on these investments [under the regulations of the State Bank of Pakistan] 
• Refund amounts 

Debit Transactions

• All payments and funds transfer within Pakistan in PKR only 
• Any payments outside Pakistan for funding accounts 
• Taxes/duties and bank charges 
• Investment in Government of Pakistan securities and term deposits as per regulations set by the State Bank of Pakistan 
• Reversal of any incorrect/wrong credit entry

Is internet banking available in Roshan Digital Bank Account?

Users of digital bank account can conduct internet banking easily.

Does this account allow conversion of currency?

Repatriation and conversion of current are allowed for Roshan Digital accounts.

Do banks issue debit cards or cheque books for this account?

At the moment, banks are not offering debit cards or cheque books for Roshan Digital Account. However, some banks are issuing debit cards for PKR accounts that can be used in Pakistan only. 

Does Roshan Digital Account offer a joint account?

The account can be operated both singly or jointly.

How to add funds into this account?

This account can be funded through remittances via banking channel only.

How can the dormancy on this account be removed?

The dormancy on the digital account can be easily removed after fulfilling formalities in Pakistani as well as an overseas branch [if available] of the bank you’ve selected.  

What currency can the account be opened in?

Accounts can be opened in Pakistani Rupees (PKR) and United State Dollar (USD) only.

How to transfer funds through Roshan Digital Account?

Transferring funds through Roshan Digital Account is pretty simple and varies from the institution you will opt for.

Latest Updates on Roshan Digital Account

On 12^th September 2020, Prime Minister Imran Khan initiated the ‘Roshan Digital Account’ in Pakistan. According to the premier, this is an initiative by the Federal Government to expedite financial activities in the country and to facilitate overseas Pakistanis. This initiative will encourage them to undertake fund transfers, carry out their bill payments, and take an active part in investment activities. 

Watch the video below to find out what the premier has to say about it: 

Live Stream: Prime Minister of Pakistan @ImranKhanPTI Speech at Inauguration ceremony of "Roshan Digital Account" in Islamabad (10.09.20)#PrimeMinisterImranKhan #RoshanDigitalAccount https://t.co/UZeWCvwSMB

— Prime Minister's Office (@PakPMO) September 10, 2020

This concludes our detailed post on Roshan Digital Bank Account. We hope that you’ve found the information you were seeking through this guide. In case we’ve missed anything, write to us at blog@jagahonline.com.

Disclaimer: This blog aims to help individuals opening Roshan Digital Account in Pakistan. We have extracted the information from the official sources and banking institutions in Pakistan. Jagah Online doesn’t take any responsibility in case the information on the official sources alters or changes. However, we take complete responsibility for updating this blog timely.