How To Apply And Open Roshan Digital Account?

On Thursday, 10 September, Prime Minister Imran Khan officially inaugurated the “Roshan Digital Account.” The initiative aimed at assisting millions of overseas Pakistanis in undertaking fund transfers, bill payments and investment activities in Pakistan. Imran Khan further told the press that the Pakistani diaspora is among the country’s most valuable assets. He added, “They are our best brains. Many even say they cannot become ministers or cabinet members. We need to change this attitude.”

Imran Khan emphasized the fact that despite the worldwide economic crisis in the wake of the Covid-19 pandemic, Pakistani exports have significantly increased. He commented, “However, until they reach the minimum required level, we would have to facilitate the overseas Pakistanis and the Roshan Digital Account is an initiative in this regard.” The Roshan Digital Account is a major economic initiative by the State Bank of Pakistan, (SBP) and 8 other banks operating in Pakistan.

Questions inquiring how to open a Roshan Digital Account have been circulating on social media. This is because on 22nd August, the local government directed the State Bank of Pakistan to introduce the Roshan Digital Account for catering overseas Pakistanis. This initiative is a result of extensive efforts personally supervised by the Prime Minister Imran Khan and his team. This portal aims to resolve issues regarding automated tax assessment. Here’s what you need to know about opening a Roshan Digital Account:

Guide: Steps To Apply Or Open Pakistan’s Roshan Digital Account

Samba Bank:

The following guide narrates the easy steps required for opening a Roshan Digital Account. Before you click on the main application page (here), the portal will reveal the following options:

1. Filling the Digital Account Opening Form and uploading supporting documents using a secured platform. (All information you submit is treated as confidential)
2. The relationship management team from Samba Bank Limited (SBL) will get in touch with you for a brief introduction. (You can choose your preferred branch of SBL). After the brief introduction, the information you provided in the Digital Account Opening Form will be cross-checked and validated.
3. When the bank is satisfied that you have provided complete information and attached all the required documents, you will be required to wait for a few minutes. SBL acting in line with guidelines provided from the State Bank of Pakistan will open your account within the duration of two working days.
4. Once your account has been opened, an email will be sent to your registered email address. The email will elaborately discuss the process of how to open your Roshan Digital account, along with the activation procedure for a Master ® Debit Card.

The documents required for activation of the account include the following: A scanned copy of your CNIC/ SNIC/ NICOP/POC. You are required to attach a scanned copy of your passport, the scanned pages include the first two pages of your passport that determines whether you are a Pakistani citizen or hold a foreign citizenship. You will be required to attach a formal photograph of yourself, preferably with a clear background. Your signature scanned on a back white page is required as well. Further documents include proof of NRP status, this requires you to attach a scanned copy of POC, visa entry or exit stamps, etc. It is also mandatory to attach proof of your profession along with sources of your income, this can include a scanned copy of funds received. You are also required to show a job certificate, a tax certificate, your salary slip, and a rental agreement.

Meezan Bank:

The features of opening a Roshan Digital account via Meezan Bank guarantees easy repatriation of funds. It provides overseas Pakistanis with an opportunity to invest in Mudarabah products of Meezan Bank. The account holders will be charged with no without tax (WHT) on cash withdrawals via cheque or ATM. They will also not be charged with withholding tax (WHT) on non-cash transfers made during the tax year (the duration of tax year lasts from July to June). Moreover, the account can only be charged through home remittances. Meezan bank also offers OTP secured digital/online account opening. The account is activated within 2 business days after completion of formalities.

Before clicking on the main application page, the following options are given:

1. First issuance: Free Checkbook
2. Free Pay Order
3. Free Internet Banking
4. Online Branch Banking
5. Zero restrictions on transactions
6. Unlimited withdrawals and zero deductions

Habib Bank Limited:

Opening a Roshan Digital account Habib Bank limited has several benefits. The account can be activated with no minimum balance requirement. Service charges are not applicable, customers also have the choice to open a Foreign Currency Value Account (USD) or an NRP Rupee Value Account, both these accounts are completely repatriable. The account can be fed by Foreign Inward Remittances originating from the account holder himself/herself through formal channels. Moreover, the monthly account statements are sent on the registered email address. An account can only be opened by Non-Resident Pakistanis only

Before clicking on the main application page, the following options are given:

1. Account to be operated singly
2. Accounts are funded through foreign remittance only
3. Local credits allowed to the extent of proceeds received from permissible investments made from the account
4. Account to be opened in 48 hours if everything is in order

Muslim Commercial Bank:

The features of opening a Roshan Digital Account in the Muslim Commercial Bank include the following. Before clicking on the main application page, the following options are given:

1. Easy repatriation of funds to customer’s foreign account
2. No minimum balance requirement
3. Online Banking for Bill Payments and Funds Transfers within Pakistan
4. Investment in Naya Pakistan Certificate issued by Government of Pakistan (please click here for details)
5. Supervised Investment in PSX registered shares through Central Depository Company (CDC)
6. Lastly, Investment in Term Deposits of the Bank

Bank Alfalah:

Opening a Roshan Digital account through Bank Alfalah will allow you to either opt for PKR or USD currency. No minimum balance is required to activate an account.  The account can be fed by Foreign Inward Remittances only originating from the account holder through home remittances or SWIFT. Bank Alfalah allows multiple investment opportunities such as Naya Pakistan Certificate, access to stock market, etc. It will allow for easy repatriation of funds. You will get a free Debit card, free SMS alerts, and the funds transfer facility. You can pay utility bills as well.

Faysal Bank:

The main features of opening a Roshan Digital account via Faysal bank are listed below:

1. Available in PKR currency
2. Digital Account Opening: Account opening via digital means only
3. Simplified KYC process
4. Islamic Savings Account opened on the basis of Mudarabah contract
5. Halal returns on balance maintained in the account
6. Debit Virtual Card: for online payments
7. Debit Card for purchases/ cash withdrawal: issued only on request of the customer (not mandatory features)
8. Online banking, inter / intra bank fund transfers in Pakistan, bill payments and mobile top-ups
9. Account credited by foreign inward remittances originating from the account holder through formal channels
10. Repatriation of funds: Customers can withdraw their funds through transfer into any account internationally

Standard Chartered Bank:

The following guide narrates the easy steps required for opening a Roshan Digital Account. Before you click on the main application page (here), the portal will reveal the following options:

1. Current Account offered in USD & PKR denominations
2. Offered in Conventional and Islamic variants
3. Account can be operated singly or jointly
4. Internet Banking is offered
5. Allows full repatriation and convertibility
6. These accounts can be used for investment in Government securities (as allowed by the State Bank of Pakistan). Term deposits, receipt of investment proceeds and profits, foreign remittance of investment proceeds, and settlement amounts are applicable.
7. Can be funded through remittances only via banking channel.
8. In the case of dormancy, it can be made operative by fulfilling formalities at domestic as well as overseas branches, representative offices, or banking subsidiaries of SCB.

United Bank Limited (UBL):

The following guide narrates the easy steps required for opening a Roshan Digital Account. Before you click on the main application page (here), the portal will reveal the following instructions:

1. Once you have completed the form and submitted the documents, a UBL representative will get in touch with you within 48 hours.
2. To manage your account and investments, you will receive an email with a link to access UBL Net-banking. Use the link to create a username and password to access and manage your account digitally.
3. You can view your account details including balance by logging in to Net-banking.
4. You can now invest in Stocks & Bonds as well for attractive returns. Log in to Net-banking, Click on NRP Services & start investing!
   *Bonds Investment coming soon

Open Local and Foreign Currency Accounts Without Visiting Country

The State Bank of Pakistan has collaborated for the establishment of this international payment portal in order to monitor the remittances. The amount of remittances will be monitored through the National Information Technology Board (NITB). The State Bank of Pakistan has also revealed that through this initiative, overseas Pakistanis will now be able to open local and foreign currency accounts without the need to visit the country.

The service will be officially launched during the first week of September.