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Roshan Digital Account (RDA) a Guide for Expats

Roshan Digital Account (RDA) a Guide for Expats

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The Roshan Digital Account (RDA) Program was launched by Prime Minister Imran Khan in September 2020. You must have read news about it on social media or in the local news media.

Dr. Reza Baqir, Governor of State bank stated that now the overseas Pakistanis will be able to pay bills for their families, engage in e-commerce activities in Pakistan and remotely invest in the Pakistan Stock Exchange through Roshan Digital Account. Open your investment account with us for investing in Pakistan Stock Exchange.

Related: How Does Stock Market work?

This article is for those who want to get the relevant information about the RDA and wants to invest remotely from outside Pakistan. In this article, we will try to cover everything related to Roshan Digital Account. Precisely, the following are the major key takeaways from this article:

Key Takeaways:

  • What is Roshan Digital Program?
  • What are the Roshan Digital Account Pakistan Benefits?
  • How does Roshan Digital Account work?
  • Eligibility requirements for Roshan Digital Account Pakistan
  • Documents required for RDP account.
  • Banks Offering RDP
  • Common FAQs about RDP.

Steps involved in opening the Account:

  • Select a bank first to open your account. There are many options available from which you can choose.
  • Fill out an Account Opening Form. Find all the banks for opening your Roshan Account.
  • Choosing Digital Account Type
  • Upload Documents
  • Add your profile picture
  • That’s it, You’ll get a confirmation of account opening within the next 48 hours.
  • And you’re ready to transfer your funds to the account.

Roshan Digital Pakistan: A New Era of Banking in Pakistan

What Roshan Digital Program is?

Roshan digital Pakistan Account enables overseas Pakistanis to open and operate digital accounts while staying in a foreign country. You don’t have to come to Pakistan as it was before to open a bank account.

Features of RDP Account:

Features and offerings of an RDP account vary from bank to bank but the following are a few common features among them:

  • Round-the-clock internet banking
  • Assistance via helpline
  • Easy conversion of funds
  • Electronic bank statements
  • Text message / SMS alerts
  • Funds Transfer Facility
  • 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 a transfer facility

Key Benefits of Roshan Digital Account:

Following are the benefits of opening a Roshan digital account:

Access to all account services:

RDP account holders may generally avail a variety of services including bills, fee payments, funds transfer, eCommerce, etc. But the number of services may vary according to the bank policies which an expatriate chooses.

Investment in NPCs:

Overseas may also invest in Naya Pakistan certificates at risk-free rates through the RDP account.

Assistance through Relationship Manager

You will be assigned a relationship manager through your bank. That manager will be available on Whatsapp to answer all your queries and for the complex paperwork.

Invest in Roshan Apna Ghar

By opening your Roshan Digital Account, you also will be able to invest in buying a property in Pakistan via Roshan Apna Ghar. RDA also facilitates when selling that property after some time.

Complex Tax filing

RDA helps in avoiding complex tax filing. You will be paying the tax but in a hassle-free way.

Investment in Pakistan Stock Exchange:

PSX was declared Asia’s best-performing market in 2021. Account-holders may make the most of their hard-earned money and invest in the share market rigorously.

The Association of Physicians of Pakistani descent of North America(APPNA) organized a webinar with all heads of major banks in Pakistan about awareness of the Roshan digital Pakistan program.

Banks offering RDP Opening Facility:

All the top banks in Pakistan are offering facilities to open RDP accounts. Few of them are as follows:

  • Habib Bank Limited
  • Faysal Bank
  • Standard chartered bank
  • Bank Alfalah Limited
  • United Bank Limited
  • Meezan Bank
  • Allied Bank

Eligibility criteria for RDP Account:

Following individuals are allowed to open a digital bank account in Pakistan:

  1. Government employees appointed by the federal government of Pakistan or provincial government whose posting is abroad.
  2. Nonresident Pakistanis(NRPs) who have SNIC, NICOP, and CNIC.
  3. Members of Overseas Pakistanis Foundation (OPF) who have Pakistan Origin Card(POC)

Things To Do To Open RDP:

If you want to take advantage of the initiative, you will need to open an account. Here’s how you will do it:

Select a Bank:

You may choose any of the banks as listed above in this article.

Fill Form:

Visit the bank’s website you have chosen for filling account opening form digitally.

Choose Account Type:

Next, what you have to do is to choose the type of digital account, a foreign currency account, or a Pak Rupee Account.

Upload Documents:

As discussed above in the article, you will need to submit the following documents:

  • Passport(Pakistani and Foreign Country)
  • CNIC/NICOP/POC
  • Proof of nonresident status.
  • Proof of source of funds.

For Salaries individuals: bank account statement/employment letter.

For Business Persons: Business Letterhead and Business registration statement.

Live Picture:

You will have to provide a live picture taken from a webcam at the time of form filling.

Receive Confirmation:

Usually, it takes 48 hours to receive confirmation of account opening.

Funds Transfer:

After account opening, you may transfer funds from the bank of your current residence to Pakistani banks as listed above.

Documents Required for Roshan Digital Account:

Following documents are required for RDA(Roshan Digital Account) opening:

  • Original Scanned CNIC/NICOP/POC
  • Original Scanned Passport(first 2 pages)(Pakistani and /or foreign/another country)
  • Proof of NRP status(e.g Scanned copy of POC, Cisa, entry/exit stamps)
  • Proof of Profession and Source of income(e.g scanned copy of job certificate, tax return, return agreement, salary slip, etc).
  • Tax statement
  • If you are a businessman then submit a business registration document or business letterhead.
  • Any proof of self-employment (e.g freelancers, consultants, doctors, grocery stores, lawyers, medical stores, labor work), etc.

Common Faqs about RDA:

What is Roshan Digital Account – Islamic?

This is an opportunity for NRPs to open shariah compliant.

What’s the purpose of RDA-Islamic account?

It’s a fully functional account which customers may use to channelize remittances for regular transactions and further shariah-compliant investments in Pakistan.

What type of account is Roshan Digital Account Islamic?

It’s a current account.

Can customers use an RDP account for investing in Islamic Naya Pakistan Certificates(INPC)?

Yes, customers may use it the way.

Who can open an RDP account?

It could be opened by any existing or new customers of the banks.

What currencies are available for RDP accounts?

Different banks are offering multiple currencies but the most common of them are USD and PKR.

May I deposit other funds in an RDP account?

No. The RDP Islamic account allows funds through inward remittances only. So, no local credits are allowed within Pakistan.

What type of investments may be pursued with an RDP account?

It allows different avenues for shariah-compliant investment like the local securities market via CDC, Government of Pakistan Debt securities (Islamic Naya Pakistan certificates), domestic and industrial real estate(coming soon).

How may I access funds in an RDP account?

A mobile app might be used for processing local fund transfers, mobile top-ups and bill payments.

How long does it take to open an RDP account?

An RDP account typically opens within 48 hours after all requirements have been submitted but this time may vary from bank to bank.

How may I know my RDP account has opened?

An auto-generated email will be sent once it’s opened.

If my passport expires, will I be eligible to enroll for RDP?

No, a valid passport is required to get this account activated

Can I deposit funds to an RDP account from within Pakistan?

No. Funds can only be remitted from outside Pakistan or funds can be transferred between two NRP/RDA accounts owned by the same person.

How can I start investing in shares?

First, you will have to open a central depository company account for which you may place requests available under NRP services.

Once you get confirmation and selected broker account opening you may transfer funds to the CDC account through the NRP services tab.

Wrapping up!

Roshan Digital Pakistan is an excellent opportunity provided by the current government to overseas Pakistani to invest and earn in the Pakistan Stock Market along with a few other investment options. It’s an ideal opportunity for investors across Pakistan to invest in their homeland. If you are interested then drop your details here, we will contact you back.FacebookTwitterLinkedIn

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