Opening a bank account in Pakistan was once a tedious job; however, things have now become easier than before. Thanks to the introduction of asaan accounts, that has enabled people to open their account in just RS 100. With the startup price of RS. 100, people now prefer bank accounts more than before. Unlike in the past, the bank used to ask a hefty amount before they allow you to open a bank. With more people having a bank account, the transaction can be done more efficiently.
What’s it really like to open a bank account?
Opening a bank account in Pakistan has become a necessity for every 9 out of 10 people. With the ease of asaan accounts, the banking sector has taken a great edge in making people live easier. However, finding the right bank for you need is something that actually matters. Asaan accounts are especially for those people who are working from home as a freelancer, entrepreneurs, housewives, teenagers, and student; as they can open their account easily without any appointment letter or job prove.
Saving accounts are In fact, the most reliable way for saving money, as it adds interest to your current balance. You can deposit your money, keep it safe and withdraw them anytime in the saving account. The interest amount added to your deposit is relatively very low.
Online-only accounts are among the cheapest options, for opening a bank. However, you do miss some of the features like a benefit of a brick or motor branch. Accessing the online accounts for brick is yet allowed.
Certificates of deposits are termed as those deposits, which you don’t tend to withdraw in the next 6 months. The way is very helpful in saving money for future transactions.
Money market account allows you to spend but to a limit. The account is helpful when it comes to saving money, however, if you spend a lot every day, the account isn’t the right option for you.
Checking account allows you to spend unlimited every day and supports the feature of paying bills online. No need to use check every time, as you can do your spending whether it be shopping or whatever, with the ultimate debit card.
Most of the banks offer the same features when it comes to paying bills online and saving money. However, things do differ in some ways. The key feature has to be looked upon as that can help you find the right option for you. The key feature will help you stick with your bank for a long time.
You need to consider the bank fees. Saving is difficult and paying the bank a hefty amount is even more difficult. Get familiar with banking fees before you decide to stick with them.
What You Need to Open a Bank Account:
Most banks in Pakistan support the online feature of opening the bank account; however, some requires a physical print for further assurance. Opening a bank account was never so easier, as all you need to have for opening an account is
- Verified address
- Employment letter/ income or Proof of Profession / Business
- Documents proving the origin of the funds for your initial deposit
Play your Cards Right. The online banking is an ideal way to manage your financial dealings effectively while reducing the chances of error. From paying bills via mobile to transferring money, the online banking has made things easier both for the banker as well as for the end consumer. With a matter of click, you can transfer funds and pay your bills from anywhere.
If you are under 18(not legal yet), you still can enjoy the reward of having a bank account. If you are under 18, you’ll need somebody over age 18 to open the account for you. The CNIC of the trusted person will be put in consideration for the opening of your account. Mostly saving accounts are available for teenagers under 18 and they also can enjoy the facility of having a debit card, which means they can shop anywhere. However, not all banks in Pakistan allow the banking features to under 18.
Joint accounts are those accounts, which are shared by two or more individuals. The type of account is ideal for business partners as they can save their profit jointly while maintaining the wall of trust on one each side.
For a business account, you are required to submit some additional documents like articles of incorporation etc… It is obligatory to submit important documents regarding your entity’s ownership before you succeed in opening a business checking account.
There is an amount limit when you are withdrawing money from the atm. Most banks provide you the limit of cash withdrawal that lies between 20,000 to 40,000.
Before you get down to any bank, compare the rewards and offers of various banks as that will help you decide the best one for your needs.