The Roshan Digital Account (RDA), which launched last year in September has now crossed 100,000 accounts and attracted $671 million.
On Friday, the State Bank of Pakistan took on Twitter and posted that RDA crossed 100,000 accounts and attracted $671 million. “Roshan Digital Account has just crossed 100,000 accounts. They have been opened from 100 countries around the world. Deposits have reached $671 million, with half of those coming in the last 8 weeks alone,” the SBP tweeted.
According to SBP, more than 100,000 Pakistani opened their accounts, indicating the increasing reach of the RDA and helping the government and the central bank improve the external account of the country.
On 10th September 2020, the Roshan Digital Account was inaugurated by Prime Minister Imran Khan. It was bilateral efforts of SBP and the Federal Government in collaboration with the commercial banks operating in the country. The major purpose behind the launching of RDA was to attract millions of Pakistanis living abroad by offering much higher returns on deposits than those in developed economies.
Half of the total deposits of $671m came over the last 8 weeks, indicating the growing interest of overseas Pakistanis.
However, Hamid Ali, a senior banker, told Khaleej Times “The account offers digital banking facilities, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange and real estate with an option of full repatriation,”
“Most of the RDA inflows are credited to Naya Pakistan Certificates, which offer up to seven per cent profit in dollar accounts and 11 per cent per annum in local currency, if the investment is made for five years,” Ali said.
“With the current account surplus and 24 percent increase in remittances, over nine million overseas Pakistanis are confident about the country’s economic future and they are likely to open more RDA accounts and invest in Naya Pakistan Certificates,” he added.