Roshan Digital Account

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Eligible Resident Pakistanis

Resident Pakistanis who have declared assets abroad with FBR can open a Foreign Currency Roshan Digital Account. Through this account, among other facilities, they will be able to invest in Naya Pakistan Certificates, denominated in USD, GBP and EURO, the newly-launched debt securities of the Government of Pakistan offering attractive returns over different maturities.

Opening an Account

1. Physically visit participating banks. The account can be opened by visiting a branch of any of the following partner banks in Pakistan: Bank Alfalah, Faysal Bank, Habib Bank, MCB, Meezan, Samba, Standard Chartered, Dubai Islamic Bank, Habib Metropolitan Bank, Bank Al Habib and UBL.

2. Follow usual process. The standard account opening process for resident Pakistanis will apply.

3. Provide tax return or signed affidavit. In addition to standard documents required for KYC/CDD, either (i) the latest wealth statement filed with FBR showing declaration/disclosure of assets held abroad or (ii) a signed affidavit stating the value of assets held abroad as declared in the latest wealth statement filed with FBR will be required.

4. Joint account facility. The account can be opened jointly with another resident Pakistani.

Using the Account

Feeding the Account. The account can be fed with remittances received from abroad through banking channels. Feeding from local sources is not allowed.
Banking Services. All banking services allowed through digital channels will be available with the account e.g. internet/mobile banking, ATM/ Debit cards. The bank may also issue a cheque book to the account holder, if required.
Investments. The account can be used to invest in foreign currency-denominated debt securities of the government of Pakistan, notably the Naya Pakistan Certificates in USD, GBP and EURO as well as foreign currency deposit schemes of the banks. Profit from these investments and disinvestment proceeds can also be credited in the account.
Payments. Transfer and payment to any person within or outside Pakistan is allowed.
Withdrawal. Cash withdrawal is available in either foreign currency or in equivalent Pak Rupees.

Full Repatriability. Funds in the accounts can be repatriated abroad anytime without any prior approval from SBP or the bank.

For further details, please see: http://www.sbp.org.pk/epd/2020/FEC2.htm