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Savings

Savings Accounts FAQ

Savings Accounts FAQ

16 January 2018

A savings account is a deposit account whereby customers can store their money with the aim of earning interest.  Savings accounts can be opened at all banks and financial institutions and there are many different types offered by all banks.

Savings accounts differ in features and benefits and based on your personal requirements individuals can choose the account most tailored to themselves on hamarapaisa.com

The main benefit of having a savings account is the interest rate and this will be an important factor when you are deciding on which savings account to go for.

Savings accounts will also have different requirements; for example, a minimum fee may be due or a minimum deposit balance.

 Money kept in a savings account is safe as banks are regulated. Banks usually do not charge a fee for depositing the money and the main benefit is that you will gain interest on your money so that over time your money will grow.

What are the different types of savings accounts?

There are many different types of savings accounts- accounts for senior citizens, minors, women, salaried individuals, institutes, trusts and many more.

Banks offer these accounts based on the customer demographics. These decisions will be based on:

·       Age of customer, whether he/she is a senior citizen or a student within a school.

·       Income of customer, these are for individuals who intend on putting their extra cash to work and gaining some sort of financial benefit

The main types of accounts:

·       Basic Savings account: Which can cost as little as PKR 100 to open.  A regular savings account or an ‘Asaan Savings Account’ features the minimum of facilities and basic rates.  If applicable, you must ensure that you maintain the prescribed minimum balance in your savings account so as not to incur extra charges.

·       Savings Account for Senior citizens: Only an individual over the age of 65 can open this type of savings account.  Special benefits are offered to seniors who have a savings account. These privileges may include a higher interest rate or lack of restrictions on the number of monthly deposits or withdrawals, they may also waiver on minimum balance requirements. Again different banks offer different types of benefits.

·       Joint Accounts: You can open a savings account jointly with another individual. This savings account is operated by more than one individual and for opening a joint account documents of both the applicants need to be viewed. Cheques drawn on such accounts may be signed by any of the account holders in order to be cashed.

·       Savings account for children/minors: Many banks offer savings account scheme for children below the age of 18 years.  This is a type of joint account that can be operated by one or more minors, the other joint account holder can also be a parent or guardian.  These are good as they teach children the importance of savings at a young age.

What are the benefits of having a savings account?

The main benefit is the interest rate that is applied on any money you save. Interest is calculated daily however deposited either Quarterly or Yearly by Pakistani banks and can vary from Bank to bank.

Other benefits include;

·       Online banking and Telephone banking services, which allows you to see how much money across all your bank accounts

·       A Debit card which can be used to withdraw cash from ATMs across the country and globally

·       Personalised cheque books for enhanced security

·       There are usually no limits on the amount deposited

What do I need to open a savings account?

Each Savings Account will have its own income or employment criteria for opening an account.  As well as your CNIC card you may have to provide additional documents such as but not limited to Proof of employment or business and a Utility bill. If the account has a minimum balance, then you will need that with you at the time of opening. It is imperative to check the requirements before emailing your decision.

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