By Wasib Imdad
The launch of Roshan Digital Bank Account service, specifically for the overseas Pakistanis, has brought a boost to both, the Foreign Portfolio Investment (FPI) in debt securities and home remittances.
It is now paving a way to boost foreign direct investment, which will in return peak up the exports. It can be holistically laid that this financial year has seen the balance of payments in shape while there are many challenges in face inclusive of several geopolitical compulsions and the impacts of COVID-19.
The private sector of Pakistan including companies like Graana.com has also dived into the scene by introducing an online payment gateway to ensure transparency and ease of payments for overseas Pakistanis in the real estate space.
On 12th September, this year, Prime Minister Imran Khan uncovered the Roshan Digital Account banking service in Pakistan. This initiative introduced by the government to speed up financial activities in the country and to assist overseas Pakistanis has been lauded, as this offers its users to undertake fund transfers, make bill payments, and active participation in investment activities.
As per the latest from the State Bank of Pakistan, overseas Pakistanis have deposited $100 million in the Roshan Digital Accounts and nearly 44,000 are making use of it with the count ever-increasing.
A Guide on How to Open a Roshan Digital Bank Account
In case you’re wondering, Graana.com brings a comprehensive guide for you to easily understand how to open a Roshan Digital Bank Account and make use of the service.
Step 1: To open a Roshan Digital Bank Account, single out those banks that are offering this service (several banks are mentioned below). Finalize your bank and proceed to step 2.
Step 2: Visit the bank’s website and locate the option of Roshan Digital Bank Account. Here you will find the option to fill up an application form to open the account.
Step 3: Now, you will have to choose which type of currency your account will be receiving, for example, United States Dollar (USD), Pakistani Rupee (PKR) or any other currency.
Step 4: In the next step, you will have to upload digital copies of documents, including
- Bank statement
- Source of funds
- Proof of profession
- National Identity Card (NIC)
- An Overseas Pakistanis Foundation Membership Card (if it is available)
- Proof of being a non-resident Pakistani such as exit stamps or visa entries
- Your digital signatures
Step 5: Now, right at the time when you are filling the form, the website will click your digital profile picture
Step 6: Since all steps and requirements have been completed, the application for a Roshan Digital Account has been sent forth, and, within 48 hours, you’ll receive a confirmation from the bank.
Step 7: After your respective bank confirms, the account is ready to transfer funds and make digital payments to any bank from the nook and cranny of the globe.
Roshan Digital Bank Account Eligibility Criteria
You are eligible to open a Roshan Digital Account if you are one of the following:
1) A government employee, residing abroad, either appointed by the Pakistani federal or a provincial government.
2) A foreign national, who is the holder of a Pakistan Origin Card (POC)
3) A non-resident Pakistani (NRP) who possesses a CNIC or a National Identity Card for Overseas Pakistanis (NICOP).
4) A member of the Overseas Pakistanis Foundation (OPF)
Where to apply for an account?
Several banks in Pakistan are offering this facility at the moment. Some mentions in this regard, along with their websites, are:
- Habib Bank Limited
- Bank Alfalah
- Samba Bank
- Standard Chartered
- United Bank Limited
- Faysal Bank
- Meezan Bank
- Muslim Commercial Bank
A Light on Several Key Features offered by Roshan Digital Account
Prior to reading this, bear in mind that the features of a Roshan Digital Account do vary from one bank to another. However, several general traits that feature in most of the banks are that you are offered internet banking services round-the-clock.
There is also easily accessible helpline assistance offered for ease of service for the users.
People can avail of hassle-free conversion of funds and electronic bank statements. Along with text message alerts and funds transfer facilities, there is no minimum balance requirement in these multi-currency accounts.
Overseas Pakistanis can invest, make utility bill payments, and through Foreign Inward Remittances, customers can easily transfer amounts, both back and forth.
A major feature of this service is the empowerment to take part in the investment opportunities, here in Pakistan, and the ability to take part in the country’s stock market activities.
The digital account, like any other bank account, allows both credit and debit transactions. Only through registered banks, payments can be received from abroad. All payments and the transfer of funds within Pakistan can be done in PKR only
Along with all this, users of the digital bank account can conduct internet banking with ease. Both single and joint bank accounts can be opened using this service. For now, accounts are opened in USD and PKR only.
The dormancy of the Digital Account can be avoided and removed easily once the formalities, of the Pakistani as well as the overseas branch of the bank account selected, are fulfilled.
At the moment, for Roshan Digital Account, banks are not offering checkbooks and debit cards but some banks have issued debit cards that can only be used in Pakistan, for PKR accounts. Remittances, only via a banking channel, can be used to fund these accounts.
Wasib Imdad is a Content Specialist at Graana.com.
