The Complete Guide To Roshan Digital Account Pakistan

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The complete guide to opening RDP account

October 28, 2020 by Atif Shahab Qureshiin how toFacebookTwitterLinkedIn

The Roshan Digital Account Program was launched by Prime Minister Imran Khan in September 2020. Surely, you must have read news about Roshan digital Account earlier.

Dr. Reza Baqir, Governor of State bank has clearly stated that overseas Pakistanis will be able to pay bills for their families, engage in e-commerce activities in the country and remotely invest in Pakistan stock exchange through Roshan Digital Pakistan Account.

This article is for everyone who wants to learn about Roshan Digital Pakistan and invest remotely from anywhere in the world. In this article, you will learn about the Roshan Digital program in detail. Precisely, the following are the major key takeaways from this article:

Key Takeaways:

  • What is RDP?
  • Features of RDP
  • Key Benefits of Roshan Digital Account
  • Eligibility requirements for Roshan Digital Account Pakistan
  • Things To Do To Open RDP
  • Documents required for RDP account.
  • Banks Offering RDP
  • Common FAQ’s about RDP.

Roshan Digital Pakistan: A New Era of Banking in Pakistan

What is RDP?

Roshan digital Pakistan Account enables overseas Pakistanis to open and operate digital accounts while staying abroad.

If you really want to take advantage of this initiative of Pakistan’s government and invest in the Pakistan stock exchange, you will have to open an account in a brokerage firm as well.

Related: How Does Stock Market work?

Features of RDP Account:

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

  • Round-the-clock internet banking
  • Assistance via helpline
  • Easy conversion of funds
  • Electronic bank statements
  • Text message alerts
  • Funds Transfer Facility
  • Multi-currency
  • 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.

Investment in Pakistan Stock Exchange:

PSX has been declared as Asia’s best performing market this year. 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 of 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)
  • 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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