Best Saving Accounts in Pakistan

Savings accounts are an effective financial instrument offered by various commercial banks, enabling customers to earn interest on their deposits. Different banks provide varying interest rates and have distinct eligibility criteria for opening an account. Although savings accounts typically offer lower interest rates compared to deposit accounts or mutual funds, they present a low-risk investment option with the flexibility to withdraw funds at any time, all while earning a respectable profit.

In Pakistan, savings accounts have become a vital resource for individuals wrestling with severe inflation and related economic challenges. If you are thinking of investing your money in a savings account then this blog is a must-read. It aims to provide comprehensive insights into various savings accounts, detailing their eligibility criteria and benefits. However, before delving into specific accounts, let’s review the features and advantages of savings accounts as outlined by the State Bank of Pakistan.

Features of Saving Account  

• Personalised account numbers for account holders
• You can open the account with a low initial deposit
• Unlimited number of withdrawals and deposits
• Periodically added profit to the investment
• Debit and ATM cards for seamless transactions all across Pakistan
• Free online banking services available nationwide
• Facilitates utility bill payment

Advantages of Saving Account  

• Tempt people to save more and promote saving habits
• Helps people to earn extra by means of interest
• Enables the depositor to make payment by way of cheques and cards
• Numerous perks and services offered by depository institutions to account holders

Comprehensive Overview of Various Banks Nationwide

Standard Chartered Bank

Standard Chartered Bank holds the distinction of being the oldest and largest international bank in Pakistan, renowned as the first foreign bank to obtain an Islamic Banking License. Serving a diverse clientele, the bank caters to corporate, retail, and institutional banking customers. With a robust presence, it operates 40 branches across 10 major cities, ensuring comprehensive financial services and accessibility.

Eligibility Criteria for the Saving Account   

• Nationality: Pakistani
• Age: 18 years and above

Documents Required for the Saving Account   

• Proof of Nationality /National ID card
• Proof of residence, either electricity bill, water bill, or tenancy agreement addressed in your name
• Employer confirmation letter/ward executive letter, photo of your face(selfie)

Special Perks

• Calculate interest using the annual interest calculator at their website
• The high interest rate on your investment, i.e. 20.50% APR
• The minimum initial deposit amount can be as low as Rs. 100
• 24/7 access to the account and interest via mobile banking
• No amount is required to keep the account activated

Meezan Bank- Bachat Account

Pakistan’s first and largest Islamic bank, which has been recognised as the best bank in Pakistan three times by the Pakistan Banking Awards, is dedicated to providing Shariah-compliant financial services. This bank offers a diverse array of savings accounts i.e. Bachat Account, Asaan Saving Accounts, and Rupee Saving Accounts, tailored to meet the needs of its clientele. Below, we outline the fundamental criteria for opening a chat account with this institution.

Documents Required for the Saving Account    

• Valid CNIC/ SNIC/ NICOP/ SNICOP for Pakistanis
• Valid Passport for foreign citizens
• Valid POC for persons having Pakistani origin
• Valid ARC for registered Aliens in Pakistan
• Valid POR Card for Afghan refugees residing in Pakistan
• Valid Form-B/ Juvenile Card for minor Pakistanis

Special Perks

• Halal monthly profit on the investment
• Free chequebook and pay orders
• Free Internet banking services
• The minimum deposit required is Rs. 50,000
• Profit calculated daily
• Profit payment is added to the account monthly
• Profit rate of 14.04% on the payment ranging from Rs 1-499.99k

United Bank Limited (UBL)- Mahaana Aadmi Savings Account

Established in 1959, United Bank Limited is now one of Pakistan’s leading banks with a wide network of 1360 branches and 11 million customers nationwide. Renowned for its award-winning services, UBL is recognised as one of the premier options for savings accounts in Pakistan. Here are some essential details regarding UBL’s “Mahaana Aadmi Saving Account”.

Eligibility Criteria for the Saving Account   

Any one of the following can take advantage of this saving program:

• Foreign Missions/Diplomats and Associations/Clubs/Trusts, etc.
• Gov’t Institutions (Federal/Provincial)
• Housewives
• Individual Single and Joint Accounts
• Joint Stock company Accounts (public/private)
• Partnerships
• Salaried/ Retired Individuals / Pensioners
• Self Employed Individuals
• Small and Medium Enterprises
• Sole Proprietorships

Special Perks

• The initial deposit is as minimum as Rs. 100
• No restriction of minimum or maximum bank limit
• Tier based account
• High return
• Unlimited withdrawals
• Profit is calculated on the monthly average amount
• Instant fund transfers nationwide
• Stop payment of cheque
• Utillity bill payment
• PO/DD/CC/ RTC issuance

Bank Alfalah- Asaan Saving Account

With a network of 1000 branches in more than 200 cities, Bank Alfalah is one of the best banks in Pakistan. It facilitates its clientele with multiple saving options including Alfalah FCY Saving Account, Alfalah Pehchaan Saving Account, Alfalah Kifayat Account, and others. Here we have added the details for their most reliable and profitable account i.e. Alfalah Asaan Savings Account.

Documents Required for the Saving Account    

• CNIC
• Application form

Special Perks

• Account opening with only Rs. 100
• Free e-Statements
• Free local fund transfers to any BAFL account
• Free SMS alerts on digital transactions
• Maximum credits up to Rs. 1,000,000 per month
• Maximum debits up to Rs. 1,000,000 per month (including ATM withdrawals)
• No minimum balance requirement
• Orbit reward points
• Profit calculated on monthly average balance
• Profit credited after 6 months.
• Utmost transactional convenience

Faysal Bank Limited- Faysal Islamic Muntazim Saving Account

Faysal Bank Limited, established in 1984, stands as the second-largest Islamic bank in Pakistan. Operating with 700 branches across 270 cities, the bank is committed to delivering savings and profit to its clientele. Faysal Bank has designed is Ismalic Muntzim Account on the ground principles of Mudarabah, ensuring shariah compliance.

Special Perks

• Open an account with a minimum deposit of just Rs. 100.
• No average deposit balance is required to earn profit.
• Enjoy unlimited transaction facilities.
• Profit is calculated based on the monthly average balance and disbursed semi-annually.
• Access your account online from any Faysal Bank branch.
• Manage your account round-the-clock via Faysal Bank’s Call Centre, extensive ATM network, and 1Link/MNET ATMs nationwide.
• Transfer funds instantly with ease.
• Pay your utility bills conveniently.
• Deposit cash at selected Faysal Bank ATMs.
• Stay informed with SMS alert services.