Roshan Digital Accounts (RDA) continues to receive an overwhelmingly positive response from overseas Pakistanis, with inflows exceeding $4 billion by the end of April 2022.
According to figures issued by the State Bank of Pakistan (SBP), RDA inflows reached $4.2 billion in April 2022, including $245 million in fresh inflows.
So far, 403,750 accounts have been opened by Pakistanis from 175 countries, the majority of whom are from the USA, the Gulf, and the United Kingdom.
The month of Ramadan, in which abroad Pakistanis usually remit relatively higher amounts to their relatives for Eid celebrations and the religious requirements of Zakat and Fitrana, saw notable inflows of remittances through RDA.
To increase RDA inflows from overseas Pakistanis, the State Bank of Pakistan ran a promotional TVC campaign.
Currently, 14 commercial banks provide this service to expatriate Pakistanis.
RDA Banks have also waived charges for incoming and outgoing funds transfers made by RDA customers. RDA banks have worked out specific arrangements with several correspondent banks (Citi Bank, Deutsche Bank, JP Morgan, and Standard Chartered Bank) to reduce transfer fees to $5-$9. Customers should use the specific Bank Identification Code (BIC) supplied by their RDA bank when transferring funds through these banks to take advantage of this rate.
