KARACHI: The overseas Pakistanis have deposited around $2.67 billion in their Roshan Digital Accounts (RDAs), which is a major initiative of the State Bank of Pakistan (SBP), in collaboration with commercial banks operating in Pakistan.
According to the details released by the central bank, of the total amount $1.834 billion has been invested in Naya Pakistan Certificates. The flow of investment has arrived from 175 countries, as 273,411 accounts were opened so far.
The RDA is a flagship initiative of the central bank, which was launched a year ago. These accounts provide innovative banking solutions for millions of the non-resident Pakistanis (NRPs), including non-resident Pakistan Origin Card (POC) holders, who are seeking to undertake banking, payment and investment activities in Pakistan.
An amount of $1.83 billion, of the funds of $2.67 billion deposited in these accounts, has been invested in the Naya Pakistan Certificates.
The non-resident Pakistanis through this initiative have been facilitated with an opportunity to remotely open an account in the country through an entirely digital and online process without any need to visit a bank branch. Opening of the account will require only a basic set of information and documents. However, the SBP has asked the banks to complete all necessary customers due diligence within 48 hours.
The foreign exchange directly deposits to the RDAs maintained with the banks. The commercial banks are responsible to meet the requirement of the foreign currency for import payment, as the SBP has nothing to do with it.
At present, the major partner banks in the RDAs included Bank Alfalah; Bank Al Habib Limited; the Bank of Punjab; Dubai Islamic Bank, Faysalbank; Habib Bank Limited; Habib Metro; MCB Bank Limited; Meezan Bank; Samba Bank; Standard Chartered; United bank Limited, etc.
During the first four months of the current fiscal year, around $1.1 billion worth of accounts were opened. Some 91,855 new accounts were opened through Roshan Digital during the period.
The rate of return on the Naya Pakistan Certificates for three months is 5.50 per cent, six months is 6 per cent and 12 months is 6.50 per cent.