FAQ’s Roshan Digital Account
1. What is Roshan Digital Account?
Roshan Digital Account is a unique opportunity for Individual Non-Resident Pakistanis (NRPs) to open a bank account in Pakistan digitally from anywhere across the world. The account can further be used for sending foreign remittances and investments to Pakistan.
2. In which currencies can one open Roshan Digital Account?
Roshan Digital Account can be opened in PKR & FCY currencies (USD, EUR & GBP)
3. Which account types (current/savings) are offered in Roshan Digital Account?
Both account types (current/savings) are offered in Roshan Digital Account.
4. While opening an account, do customers have to fill the application form in one session only?
Customers can fill the application form in multiple sessions and can save the form. They can later resume filling up where they left off earlier. However, once application form is submitted, they will only be able to make changes/amendments as per the Bank’s discretion.
5. How long does it take to open Roshan Digital Account?
As customers submit their online Account Opening Form (AOF), Bank will contact them within 48 hours for any further details that the Bank may require. Once the account is activated, the Bank will send them a welcome email as a confirmation of their account opening. They may then start using the account.
6. Is it possible to open more than one Roshan Digital Account?
Yes, customers can open multiple Roshan Digital Accounts; however, only one each of both savings and current accounts may be opened for one currency.
7. What if I already have an account with Bank? Can I open Roshan Digital Account as well?
Yes, customers can open Roshan Digital Account even if they are already maintaining an account with Bank. However, the status of their profile will be updated as NRP in Bank’s records.
Individual NRPs having CNIC, NICOP, foreigners having Pakistan Origin Card (POC) and employees or officials of the Federal Government or a Provincial Government posted abroad are eligible to open this account in PKR, USD, EUR & GBP currencies.
8. What is the initial amount/deposit required to open Roshan Digital Account?
There is no initial amount or deposit required to open Roshan Digital Account.
9. Can investments be made in Pakistani market using Roshan Digital Account?
Once account is activated, customers can make investments in following State Bank of Pakistan (SBP) permissible sectors:
a) Naya Pakistan certificates offered by Government of Pakistan
b) Residential and commercial real estate investments
c) Investment in shares quoted in Pakistan Stock Exchange
d) Investment in Bank’s Islamic savings and term certificate products
10. What transactions can be performed from Roshan Digital Account?
Roshan Digital Account Credit Transactions:
a) Send remittances to the account from abroad
b) • Send proceeds and profit/gain from permissible investments made through Roshan Digital Account
c) Refund of amounts debited incorrectly or over-charged
Roshan Digital Account Debit Transactions:
a) Send money to own account outside Pakistan
b) Invest in SBP’s permissible sectors
c) Debit account on basis of applicable Government/Bank charges and reversal of any incorrect/wrong credit entry
11. Are incoming funds/credit allowed in Roshan Digital Account?
No local credit other than payments of profit/gain and principal repayments is allowed in the account. The account can be fed through foreign inward remittance only. These may originate from the customer through formal channels (banks or money transfer companies).
12. How can funds be withdrawn, transferred and repatriated from Roshan Digital Account?
Once the account is activated, customers can avail services like internet banking to debit funds from the account.
They may also use internet banking facility for bill payments in Pakistan, IBFT in Pakistan, mobile top-ups, donations, etc. Also, they can send/repatriate money outside Pakistan up-to the amount of balance available in the account without any approval from the Bank or SBP
13. Is Internet Banking available in Roshan Digital Account?
Yes, Internet Banking is available in Roshan Digital Account.
14. How can I request a debit card in Roshan Digital Account?
Debit card request can be made online through Debit Card request form on the Bank’s official website. The card will be dispatched to your registered international mailing address. International courier charges of Rs. 2,500 and Debit card annual charges as per the Bank’s Schedule of Charges (SOC) shall be applicable.
15. How can I request a cheque book in Roshan Digital Account?
Cheque book request can be made online through a Cheque Book requisition form on the Bank’s official website. Cheque book will be dispatched at registered international mailing address. International courier charges Rs. 2,500 will be payable. Account holder can also request and receive cheque book from a branch in Pakistan (while visiting Pakistan) after performing biometric verification.
16. How can I repatriate funds from Roshan Digital Account?
You can use the ‘Remittance Application Form to send request for funds transfer. Charges will be applicable as per the Bank’s Schedule of Charges (SOC).
17. How can I change my account details?
You can use contact update option in Internet Banking to update your details.
18. Are my details, including the attached documents provided to Bank safe and protected?
All information of customers including the attached documents are safe and protected. However, Bank reserves the right to share the information with Government of Pakistan (GOP), State Bank of Pakistan (SBP) and any law enforcement agency on demand (if required).
19. Is Zakat applicable on Roshan Digital Savings account?
PKR accounts: Zakat is deductible as per the Zakat & Ushr Ordinance of 1980
FCY accounts: Zakat is not applicable
20. How can I send remittance to my Roshan Digital Account?
For Roshan Digital Foreign Currency Account: The remittance may only be sent through the banking channel of SWIFT message.