What is the minimum amount required for opening a Bank Account in Pakistan?

Each bank has its own criteria for opening a current account. However, all commercial banks in Pakistan now offer a Basic Banking Account(BBA) that requires a minimum initial deposit of Rs. 1000. The State Bank of Pakistan (SBP)has defined a minimum set of features (BPD Circular No. 30 of 2005) that all banks have to provide with the BBA account. These features are listed below:

a. The minimum initial deposit will be Rs 1000.
b. Will be non-remunerative account.
c. No limit on minimum balance. In cases, where balance in BBA remains ‘nil’ for a continuous six-month period, such accounts will be closed.
d. No fee for maintaining BBA.
e. Maximum two deposit transactions and two chequing withdrawals are allowed, free of charge, through cash/clearing per month.
f. Unlimited, free of charge, ATM withdrawals from the banks’ own ATMs. In case of withdrawal from BBA through the ATM machines of other banks, the respective/other bank may recover charges for such transactions.
g. For the existing banking accounts, banks may get the consent of all their customers whether they wish to maintain a BBA with them or a regular full service banking account with its accompanying terms and conditions. In case an account holder does not give his/her consent for a BBA, his/her account will be treated as a regular full service banking account.
h. Statement of account will be issued once in a year.

For further details, see the following site:

http://www.sbp.org.pk/bpd/2005/C30.htm



The following is a list of banks in Pakistan.

ABN Amro/RBS
Allied Bank of Pakistan
Arif Habib Bank Limited
Askari Commercial Bank
Atlas Bank
Bank Al-Falah
Bank AL-Habib
Bank Islami Pakistan
Bank of Khyber
Bank of Punjab
Barclays Bank
Citigroup
Dubai Islamic Bank
First Women Bank
Habib Bank
Habib Metropolitan Bank
Meezan Bank
Muslim Commercial Bank
National Bank of Pakistan
NIB Bank
PICIC Commercial Bank/NIB Bank
Standard & Chartered Bank
State Bank of Pakistan
United Bank
Zarai Taraqiati Bank Limited
Meezan Bank Limited
AlBaraka Bank
BankIslami Pakistan
Dubai Islamic Bank
Dawood Islamic Bank Limited
Bank Alfalah - Islamic Banking
Standard Chartered Saadiq (Islamic Banking)
Habib Bank Limited (HBL) - Islamic Banking
Muslim Commercial Bank - Islamic Banking

Tags: SBP, BBA Account, Bank Account, Deposit, Commercial Bank, Islamic Banks

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