Question

Suppose, you are running a small business and want to open a bank account for keeping your extra cash in it. Visit any nearby bank and describe in detail the different types of bank accounts opened in the Pakistani banks?

Answer 1

There are many different types of bank accounts offered by all banks available throughout Pakistan.These bank accounts are designed to fit a wide range of consumer day to day banking needs.

Following are the different types of bank accounts opened in the Pakistani Banks.

1. Basic Banking Account

So as to expand the entrance of financial services to under privileged and to encourage and give essential financial facilities to the low salary individuals in Pakistan, every single commercial bank offer Basic Banking Account facility.

Following are the some of the features

a. The minimum initial deposit is RS 1000 and there is no charge for looking after BBA.

b. It is a non-remunerative record with no restrictions on least equalization.

c. Maximum two stores exchanges and two cheques withdrawals are permitted, free of charge, through money/ clearing every month.

d. In case, where balance in BBA remains 'nil' for a persistent six months period, such account is at Risk to be shut.

2.Current Account.

Current financial account is generally opened by specialist who have various standard transactions with the bank, both deposits and withdrawals.Current account can be opened with any business bank in Pakistan.

Highlights of current account

a . It's a non interest bearing financial records.

b . It has least record opening prerequisite

c. Some bank offer debt card which can be utilised to pull back money and make buys crosswise over Pakistan.

d. It has no confinement on number of withdrawals.

e. Few banks offer versatile and web banking offices.

3. Saving Account

A saving account is a budgetary record at a safe foundation,for example,a bank that pay interest on cash that is spread.

Bank account normally have unobtrusive loan costs that are lower than rates offered by fixed/ term stores.

Highlights of Savings Account.

a. It has least record opening prerequisite ( changes from bank to bank).

b. No confinement on number of withdrawals and number of stores.

c. Profit on sparing records is credited to the iclientintermittent premise.

d. Debit card can be utilised to pull back money and make buys crosswise over Pakistan.

e . Most of the bank give free online banking administrations at branch organize across the nation.

4. Term/ Fixed Deposit Account

The record which is opened for a specific fixed period by Keeping specific cash is known as Fixed ( Term) Deposit Account.The term ' fixed deposit' signifies that the store is fixed and is repayable simply after a particular period is finished.

Features of Fixed Deposit Account

a. Fixed deposit supports investment funds propensity for a more drawn out time-frame.

b. Fixed deposit account empowers the investor to procure a high financing cost.

c. The investor can get advance office from bank.

d. The bank can get the assets for a more extended time frame.

e. The bank can loan such assets for momentary credits to businessperson.

5. Foreign Currency Accounts

As an exceptional office, you can open records in remote money notwithstanding PKR stores.Records designated in four outside monetary forms for example, US dollars, British pounds, Japanese yen, Euro are permitted to be opened by budgetary organizations working in Pakistan.

You can pull back the sum either in PKR at current swapping scales or in the named cash.

Following are the some of the highlights of Foreign Currency Accounts.

a. Deposits just in remote cash.

b. No limitation on exchange of assets to any nation abroad.

c. Profit is paid to the remote money contributors.

d. Traveler cheques and different settlements can be obtained by debit to the record at current conversation costs.

e. Holders of outside cash accounts are allowed to exchange their records from one approved dealer to another.