Overseas Pakistanis can now remotely open bank accounts, invest in Pakistan. HERE’s HOW
On Tuesday, Prime Minister Imran Khan extended an invite to overseas nationals to invest in numerous mega projects in the country by opening accounts in Pakistani commercial banks. Through the funds generated, the premier plans to initiate the nation-building process.
Following this mission, the government has recently formulated the Roshan Digital Account (RDA), which allows expatriates to remotely open bank accounts in their country without having to visit the bank branch, embassy, or consulate.
How will it facilitate the overseas Pakistanis?
The platform provides overseas Pakistanis access to all conventional account services, including fund transfers, online bill payments, e-commerce, and other Pakistani payments. The RDA also allows users to invest in fixed deposit products offered by banks and put money into Pakistan’s stock market. Virtual debit cards will back all user profiles on the platform for both domestic and overseas use.
While addressing the launch ceremony of RDA, PM Imran Khan said:
We need to boost our economic activity to create jobs and retire loans. The initiative can provide overseas Pakistanis an opportunity to make “safe investments” in real estate, construction industry, and numerous other mega projects, including the Ravi City and Mohmand Dam.
It should be noted that currently, nine million Pakistanis live and work abroad and send about $23 billion in remittances every year to support their families.
Overseas nationals can funnel their funds through the Roshan Digital Account and shore up the country’s dwindling foreign exchange reserves. The government expects to boost the country’s fragile economy through this initiative.
As per the Prime Minister, overseas Pakistanis are a ‘resource pool that has never been fully exploited to strengthen the country’.
A statement issued by the Prime Minister’s Office regarding RDA stated:
The customer can choose either a foreign currency or rupee-denominated account, or both. Funds in these accounts will be fully repatriable without the need for any regulatory approval.
How to open a Roshan Digital Account?
- Click on ‘Apply for Roshan Digital Account‘ and follow the simple steps to open a USD or PKR current account.
- On the platform, complete the form and submit the required documents.
- A representative will get in touch with you within 48 hours.
- To manage your account and investments, you will receive an email with a link to access your bank’s digital app.
- Use the link to create a username and password to access and manage your account digitally.
- You can view your account details including balance by logging in to your bank’s digital app.
- You can also invest into stocks & bonds for attractive returns.
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