In compliance with the directives of State Bank of Pakistan via BPD Circular No. 30, issued on November 29, 2005, the Basic Banking Account was launched.
This product has been introduced to facilitate the low income group as well as the existing account holders who wish to convert their regular savings or current account into Basic Banking Account.
The Basic Banking Account is a current account and can be opened with a minimum initial deposit of Rs. 1000. Account holders will be allowed 2 deposit transactions (either cash or through clearing) and 2 withdrawals (cash or clearing) each month. There will be no minimum balance maintenance requirement, and hence no monthly account maintenance charges will apply.
“In cases where balance in BBA remains ‘zero’ for…” a continuous 6 month period, the account will be closed automatically, without any notice to the account holder.
Site last updated May 21, 2013 @ 5:49 am