NRP Account
NRP Account Meaning:
In Pakistani banking terminology, the term NRP Account for Non-Resident Pakistanis refers to refers to funds deposited by a Pakistani citizen who resides outside of Pakistan with a financial institution. NRP Accounts are considered accounts of nations in which the holder resides when it comes to foreign exchange regulations.
In Pakistani banking terminology, the term NRP Account for Non-Resident Pakistanis refers to refers to funds deposited by a Pakistani citizen who resides outside of Pakistan with a financial institution. NRP Accounts are considered accounts of nations in which the holder resides when it comes to foreign exchange regulations.
For example, a NRP Account for Non-Resident Pakistanis living outside of Pakistan could be opened at a Pakistani bank or other financial institution. Such an account would allow the Non-Resident Pakistani to deposit their funds in Pakistan for investment purposes or to disperse to family members still living in Pakistan. Banks offering a NRP Account to their customers will typically require a valid National Identity Card for Overseas Pakistanis (NICOP) to be produced. This card can be obtained by any legitimate citizen of Pakistan from the National Database and Registration Authority (NADRA), which provides identity verification services for Pakistanis.