In our previous post we have shared that Prime Minister Imran Khan is taking important steps to provide maximum facilities to Pakistan’s Overseas Workers and their Families. That’s why Prime Minister Imran Khan has Launched NBP Workers Foree Remittance Account from Finance Minister and NBP Indemnity. NBP Management Committee had approved their Decision on 10th December 2018. Foree Remittance Account is launched for Overseas Pakistanis to send their money to Pakistan and to facilitate their family members to receive remittance easily. Customer also access Foree Remittance Account through NBP Digital App.
Customer can open PLS and Current Workers Foree Remittance Account by visiting any nearest National Bank of Pakistan Conventional branch. Account holders will have facility of receiving Cheque book and ATM Card like any other type of accounts. Workers Foree Remittance Account will be opened through specific NBP Branches, every branch will be able to receive customer’s documents and forward to specific branches. Which will be responsible for opening accounts on urgent bases, and customer’s ATM Card will be delivered on his/her registered address within 3 working days.
- Easy account opening procedure
- Foree Remittance Card will be free of cost and no annual fees will be charged
- No Account Maintenance fees
- No service charges will be applicable
- SMS Alert Service (subject to subscription)
- No monthly minimum balance requirement
- Account can be opened in any NBP Branch country wide
- Internet Banking and Debit Card
REQUIRED DOCUMENTS FOR WFR ACCOUNT
In order to facilitate the government initiative to promote home remittances through banking channels, NBP has introduced a new deposit account product namely Workers Foree Remittance Account for Pakistani citizens going abroad for employment purpose.
Following documents will be required from the customer:
- CNIC of Primary Account Holder
- CNIC of the joint account holder
- Copy of Valid Work Visa
- Copy of Valid Passport
- Copy of Letter of Overseas Employment
- Undertaking of Conversion of Joint Account (if applicable)
- Zakat Exempted form (if applicable)
PROFIT ON PAYMENTS
- For Saving A/c. PLS rate + 1% will be applied. Profit payment calculation/mechanism will be the same as applicable in PLS Saving Account.
- The profit payment mechanism shall be the same as currently followed for PLS accounts.
- No profit shall be payable on current account product
CHEQUE BOOK ISSUANCE
Cheque book will be issued, if requested by the customer, as per existing procedure and charges on issuance of cheque book will be same as applicable on Saving / Current accounts. Cheque book printing request will be applied by the tagged branch after receipt of System generated Account Opening Form and its enclosures (as define in documents required section) from Sub Branch. Customer shall receive the cheque book from the tagged branch. In case the cheque book remains un-delivered, it will be dealt by the branch management as per the bank policy and procedure.
In case of subsequent conversion of single account into joint account the joint account holder can give the request for cheque book which will be delivered to him/her as per the existing procedure.
DESIGNATED NEARBY BRANCHES
Customer may visit nearest any NBP Branch for opening of Workers Foree Remittance Account, branch officer will complete documents and send to the following designated branches for Foree Remittance Account.
SERVICE AND OTHER CHARGES
- There will be no service charges on low account balance or minimum balance requirement.
- EMV Debit Card(s) upfront fees of Rs. 500/- (flat) plus FED as per applicable rate will be obtained from customer at the time of opening of account and credited into customer’s newly opened account.
- ITG will auto recover the upfront charges of EMV Debit card at Head Office level from customers’ accounts.
- In case, next day the account is not approved by the Compliance Group after sanction screening, the upfront fees in account will be managed as per bank policy and procedure.
- All other bank charges / commission will be applied as per prevailing Schedule of Bank Charges which is available on NBP’s website.