How to Open a Bank Account in Pakistan Easy! | how to create an account in Pakistan
Few years ago, opening or how to open a bank account in Pakistan easy, wasn’t a real deal at the time. Although it’s still straightforward and easy, freelancers find it difficult to open a bank account because of strict rules put in place by the State Bank of Pakistan.
This article explains how to create an account in Pakistan for people who want to receive payments online.
Let’s start with the basics on how to open a bank account in Pakistan easy, below are the sections needed for your successful creation of a Pakistani account. Read More: LightStream Personal Loan Review
Disclaimer: This is to let you know that a brief follows on How to Open a Bank Account in Pakistan Easy is not sponsored by any company. Our aim is to create a guide for interested users to have an idea of what program they are about to embark on.
How to Open a Bank Account in Pakistan Easy! | The Basics Needed for You to Create an Account in Pakistan
First thing that comes to everyone’s mind when trying to open an account in any bank around the world. Whether it’s in other countries or back here in Pakistan, the type of account you prefer to open and how you like it. Here are the only two types of banking accounts you are entitled to have as a citizen or select from;
1. Current Account – If you successfully create a Current Account with the bank, you get no interest or rewards once you deposit money into your account.
2. Savings Account – As for this, your bank will give you a percentage that varies from bank to bank when you open a savings account.
Whether you open a Current or Savings Account, either way you still get to withdraw your money on both when needed without any restrictions from the bank. To save money on either of the two Accounts types mentioned above is cool, but really depends on how you want it.
What are the requirements Needed to open a Bank account in Pakistan?
The following requirements apply to both Current and Savings accounts or requirements needed to open a bank account in Pakistan;
1. An original and a copy of a valid Computerized National Identity Card (CNIC).
2. To receive correspondence from the bank, you must have a valid postal address at home or in the office.
3. Having a valid source of income will be nice, to sort every other transactions needed and how else do you plan to have money deposited in your account without a valid source of income?
How to Open a Bank Account in Pakistan Easy: Sign up for a mobile wallet Account
Using these methods alone may have allowed you to declare your income, but if not, a mobile wallet may be a better option. Your account must be opened by a bank as part of greater financial inclusion.
Asaan Digital Accounts are these types of accounts. Accounts may be treated as low risk accounts by Pakistani banks now that freelancers are able to open accounts under a simplified criteria.
What Is Asaan Digital Account? | What Importance is Asaan Digital Account?
Asaan Mobile Account (AMA) is a revolutionary initiative taken by Pakistan Telecommunication Authority (PTA) and State Bank of Pakistan (SBP). A swift, easy, and affordable approach is taken with the aim of enabling general masses, especially low income citizens, to open bank accounts digitally.
Among the target audiences for this program are skilled/unskilled workers, farmers, people with less education or education lacking, daily wage workers, housewives, pensioners, young adults, etc.
Banks that Provides Asaan Digital Accounts
On the AMA platform, 13 branchless banking providers are currently available. With the AMA Platform, customers can open bank accounts instantly with any of the given banks and conduct transactions instantly.
Following is a list of Pakistani banks that allow Asaan Accounts to be opened:
Read State Bank of Pakistan’s circular about Asaan Accounts for more information; http://www.sbp.org.pk/bprd/2015/C11-Guidelines.pdf
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