Roshan Digital Account Step-by-step guide
Explore Roshan Digital Account with RT Securities
What is Roshan Digital Account (RDA)?
Roshan Digital Account is the initiative by the Government of Pakistan for overseas Pakistanis. Now with the help of RDA, Overseas Pakistanis can invest in the stock market in the comfort of their homes. The State Bank of Pakistan (SBP), Securities & Exchange Commission of Pakistan (SECP), and Central Depository Company (CDC) initiated the Roshan Digital Account for the ex-pats interested in investing in the Stock Exchange of Pakistan.
Roshan Digital Account (RDA) as a Government Initiative?
The Roshan Digital Account (RDA) Program is an initiative by the Government of Pakistan exclusively for overseas Pakistanis. You must have read news about it on social media or in the local news media. The program proved to be a huge success for the state bank of Pakistan, so much so that the government even produced a song for it.
Dr. Reza Baqir, Governor of State bank stated that now 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.
This article is for those who want to get 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:
Investment in Pakistan Stock Exchange (PSX):
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) also organized a webinar with all heads of major banks in Pakistan about awareness of the Roshan digital Pakistan program.
Features of Roshan Digital Account Pakistan:
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 bills Payment
- 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
Roshan Digital Account Benefits:
The Roshan Digital Account benefits include:
- Access to all Account Services
- Investment in NPCs
- Assistance through Relationship Manager
- Investment in Roshan Apna Ghar
- Tax Filing Complexity
- Investment in Pakistan Stock Exchange (PSX)
The following individuals are allowed to open a digital bank account in Pakistan:
- Government employees appointed by the federal government of Pakistan or provincial government whose posting is abroad.
- Nonresident Pakistanis(NRPs) who have SNIC, NICOP, and CNIC.
- Members of the Overseas Pakistanis Foundation (OPF) who have Pakistan Origin Card (POC)
Banks that offer Roshan Digital Account
All the top banks in Pakistan are offering facilities to open RDP accounts. A few of them are as follows:
Steps involved in opening the Roshan Digital 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.
- Choosing Digital Account Type
- Upload Documents
-
Add your profile picture
- That’s it, You’ll get a confirmation of the account opening within the next 48 hours.
- And you’re ready to transfer your funds to the account.
How to make Roshan Digital account, A step-by-step Guide:
If you want to take advantage of the initiative, you will need to open an account. Here’s how you will do it:
- Select your preferred Bank
- Fill the account Opening Form
- Choose Account Type
- Upload the required documents
- Live picture uploading
- Confirmation of Account opening within 48 hours
- Transferring of funds
1. Select a Bank to open your RDA account
Select any of the above banks for opening an RDA account. Select Meezan Bank for opening a shariah-compliant Roshan Digital Account.
2. Fill Roshan Digital Account Opening Form
Choose the type of Roshan Digital Account – a Foreign Currency Account or a Pak Rupee Account.
3. Choose Digital Account Type
Choose the type of Roshan Digital Account – a Foreign Currency Account or a Pak Rupee Account.
4. Documents required for Opening Roshan Digital Account.
The following documents are required for RDA (Roshan Digital Account) opening:
Original Scanned CNIC/NICOP/POC
Original Scanned Passport (first 2 pages) (Pakistani and /or foreigner/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.
5. Upload Picture
You will be asked for a digital photo that would be taken at the time of filling out the form and uploaded live.
6. Recieve Confirmation
You will get confirmation of account opening within 48 hours.
7. Transfer Funds
After account opening, you can transfer funds in the account through banking channels from the country of your residence. Your new (International Bank Account Number) IBAN will be shared with you.
You can always contact us for more information about Roshan Digital Account and Investment in Pakistan Stock Exchange (PSX).
What is Roshan Digital Account – Islamic?
This is an opportunity for Non-resident Pakistanis (NRPs) to open shariah compliant. Meezan Bank provides an easy way to make Roshan Digital Account within 48 hours.
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.
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.
Roshan Digital Account 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, and we will contact you back as soon as possible.
For further information, please contact us on our Customer Support Number.
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