In an effort to promote the banking services across the country and increased financial inclusion, State Bank of Pakistan (SBP) has directed banks to offer Asaan Account for low risk customers. The Asaan Account is aimed for those customers who lack evidence of their regular income and also do not intend to take burden to maintaining the minimum balance requirements.
Previously, opening a Bank account was not an easy task as it required long list of documentation, proof of income and minimum balance to maintain in the account. This long list of documentation has created a barrier for many consumers who want to avail the banking services but couldn’t keep up with their minimum requirement list.
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It is generally presuming in the market that Assan Account will prove as a major helping hand in catering the huge market for the promotion of the banking services and the products. To gauge the fair idea of how Assan Account can help you in securing your future finances, let’s have a look into the following details.
What is Asaan Account?
“Assan account” is a basic bank account offered to fulfill day to day banking needs. Asaan Account is targeted towards the common people and is open to all low income, underprivileged, unbanked and under-banked masses who faces difficulty in opening the bank account due to the restriction of balance and other documentation requirements.
When Assan Account was Introduced?
Asaan Account was introduced by the SBP as a mandate to increase the financial inclusion in June 2015 for low risk customers without the pre-requisite of showing income proof. This account offers a limited set of services and transactions range for the wide base of the customers.
SBP Mandate on Asaan Account:
The mandate of the SBP on Asaan Account is to widen the usage base of the banking products and services among the consumer market. This Asaan Account was aimed at the expedition of the universal financial inclusion in Pakistan. This can be achieved by targeting 50% growth in bank accounts by adult population by the year 2020.
Additional Reading: Get Best Interest Rates by Comparing Bank Accounts Online
Key Characteristics of Asaan Account:
The significant characteristics of Asaan Account are as follows:
- A Pak Rupee Account
- Account can be opened with the minimum of PKR 100/-
- It can be opened as individual, joint or minor account
- One-page account opening form and with minimum formalities
- No restriction of minimum balance requirement
- There are no service charges
- 1st Cheque Book of 25 leaves and a one-time ATM card is free
- No charges on closure of the account
- Per month transaction limit for both the debit and the credit are: Rs 500,000/-.
- Asaan accounts are preferably card-based but Cheque books can also be issued as per the demand of the customer
- Banks are however free to add more facilities or services if they so wish and subject to their policy.
How to Open Asaan Account?
To open an Asaan Account you must have following things in your hand:
- Copy of a CNIC / Form B / Pakistan Origin Card / Oversees Pakistani Resident Card / Passport or pension book
- One-page account opening form with complete information of the individual, which includes: Name, father/mother/guardian name, mobile no, address, CNIC no, occupation, source of income, purpose of account, specimen signature, expected transaction turnover and next of kin.
- Rs. 100/- to be submitted as initial deposit
With only these things you can go to any major bank (listed below) branch in your city, district, zila or tehsil you can open an Asaan Account.
How Asaan Account Can Help You in the Future?
Asaan account can help you in future in multiple ways. It can help you to enjoy the benefits of the banking products and services. Further, it can help you towards achieving the following objectives:
a- For Developing a Formal Banking Relationship:
It helps in building the formal banking relationship between the client and the bank, this journey proves fruitful in the long run for both parties and in the larger canvass it also boosts the financial image of Pakistan. Having a previous banking relationship opens several door to avail other banking products such as consumer loans.
b- Having a Banking Relationship helps Building Credit History for the Future
It starts building the credit history of the customer which helps him/her in the future course of action.
c- Opening Doors towards Savings
It gives the customer a fair idea of the transactions he/she do and motivates him towards the savings. His/her account history proves vital in opening that door for him, as the reserve of idle money is first calculated and then invested for saving purpose.
d- Convenience of Online Banking
It also enables its user to be more prone towards the technology and proves useful in introducing him/her towards online banking.
e- Maintenance of the Money Trail for the Tough Time
Having a bank account such as Asaan Amount helps maintaining the money trail of the customer which is vital in cross checking the legitimate transactions and screening any suspicious transactions. This will help in eliminating the black money from getting white through the banking medium and resultantly makes the banking system more efficient.
Which Banks are Offering Asaan Accounts?
Almost all major banks in Pakistan are offering Asaan Accounts listed below:
- Muslim Commercial Bank Limited
- Bank Alfalah Limited
- Meezan Bank Limited
- Habib Bank Limited
- National Bank of Pakistan
- Allied Bank Limited
- Askari Commercial Bank
- Faysal Bank Limited
- Soneri Bank Limited
- The Bank of Punjab
- Silk Bank
- Bank Islami
- FINCA
- Telenor Bank
- Khushhali Bank
- Dubai Islamic Bank
- Bank of Khyber
Conclusion:
In a nutshell Asaan Accounts are building the base of the future digital banking along with mobile wallets as they are catering the wide net of the under served people. These masses when join the financial mainstream it will increase the financial output as well and a greater opportunity for the people living in the far-flung areas as with the help of this Asaan Account they can also enjoy the banking industry benefits and promotional services. visit Mawazna.com to have a detail over view of the banking products and comparison of Asaan Accounts to select an account that matches your needs and helps you in the long run.
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