Hamara Paisa
Banking

Asaan Account Basics

Asaan Account Basics

03 January 2018

At Hamara Paisa we firmly believe everyone should have the opportunity to have a bank account. It may seem very complicated but we will help you every step of the way.

 The Asaan Account is a very basic bank account which is targeted at people from lower economic backgrounds; people who may struggle in opening an account due to difficulty in filling the forms or the fact that bank staff do not aide the customer in his/her request.

The purpose of the Asaan account is to allow customers to have a basic bank account with minimal charges. Banks are not allowed to recover fees at time of opening and closing the account as per rules enforced by State Bank of Pakistan.

       Asaan Accounts are available to everyone (labourers, pensioners, women, self-employed individuals and farmers); however only unbanked individuals (people without a bank account) can open an Asaan account.

       Only residents of Pakistan can open Asaan Accounts and customers can also open joint Asaan Accounts if they wish.

       Users can only open only one Asaan Account per bank.

       Customers are required to deposit PKR 100 to open the account. There is no minimum deposit amount for customers with an Asaan Account and banks are not allowed to ask for an initial deposit of more than PKR 100.

       The total credit balance limit & total debit per month limit is restricted to PKR 500,000.

       There are two different types of Asaan Accounts: Current and Savings. On the savings Asaan account a profit/interest is distributed to the customer on a monthly basis but calculated on a daily basis.

       All Asaan Account holders will be given a debit card, whether it is a PayPak, Visa Silver, MasterCard or Union Pay – Magstripe. The first card provided is free, if customers lose the first card they will be charged a small fee for the replacement card.

       You will need some ID when you open an account. Any of the following documents can be used for proof of identity:

-       Computerised/Smart National Identity Card (CNIC/SNIC)

-       National Identity Card for Overseas Pakistanis (NICOP)

-       Pakistan Origin Card (POC)

-       Alien Registration Card (ARC) issued by National Aliens Registration Authority

-       Passport

-       Pension Book

Benefits of Asaan Account

       Interbank Funds Transfer Facility

       Free Internet banking

       Free SMS Alerts (Across most banks)

       No Minimum Balance Requirement

       No Service Charges for account opening or closing

       Can be used for remittance purposes

 

Restrictions of Asaan Accounts

       Asaan Accounts cannot be used for foreign spend overseas. They can only be used to process PKR transactions.

       Restrictions on the Total credit balance limit and total debit amount per month are limited to 5 Lakhs.

 

Some other questions you may have

Are there any differences between Asaan Accounts across different banks?

There are slight differences in terms of benefits and charges between Asaan Accounts across different banks in Pakistan. However, all accounts require PKR 100 as a minimum deposit.

Are there any charges associated with Asaan Accounts?

Some banks may charge for SMS alerts, withdrawals using ATMs from different banks etc. Other fees such as card replacement fees are also charged.

Can a Minor open an Asaan Account?

Minors are able to open Asaan accounts, however such accounts are opened against Form B and other appropriate documents will be required.

What is a PayPak Card?

A PayPak card is a Domestic Payment Scheme owned and operated by 1LINK Guarantee Ltd duly approved by State Bank of Pakistan. PayPak cards have the ability to be used at ATMs and merchants across Pakistan. The use of a PIN will be needed to purchase items or withdraw cash.

What does an Account Opening Form contain?

1.    Account Opening Form (AOF) is simple and covers basic customer information, which is CNIC specific, as well as Mobile Number, Address, Occupation, Source of income, Purpose of Account, Specimen signature, Expected Transaction Turnover and Next of Kin

2.    Banks shall obtain declaration within AOF from the customer regarding sources of funds/income in the account. Proof of profession is not required regarding the sources of funds/income.

3.    For simplicity purposes, the AOF should not exceed one page and the same should be available in Urdu and English.

4.    Terms & Conditions (T&C) or any declaration should be simple, clear and legible in Urdu and English and the same may be printed overleaf of AOF.

5.    One copy of AOF and T&C signed by customer and bank officer should be provided physically or electronically to the customer as proof of opening the account.


 

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