Since many of us consider opening a bank account, a herculean task. Especially everybody in Pakistan wants to know that how to open bank account in Pakistan. But in reality the process of starting up your bank account in Pakistan is not difficult though it is quite simple. In fact the key requirement for opening an account in all banks of Pakistan, is more or less same. All you need to do is just follow these necessary steps to learn more about account opening details.
Open Bank Account in Pakistan Step by Step Guide
- Select the Bank & Branch
Well this is the first step for opening, you have to walk to your bank branch or select the bank and branch that suits you the most according to your specific needs either you are looking for an interest on savings bank or a simple saving, current account deposits.
- Selection of Type
Now the 2nd main step customer need to follow after the bank and branch selection is to choose the type of account you want. These are some common types from which you have to make selection.
- Fixed Deposit.
- PLS Saving.
- Call Deposit.
- PLS Term Deposit.
- Foreign Currency.
- Getting the Opening Form:
After being decided about bank and type of account the customer want to open, he/she now has to walk to that branch and need to obtain a hard copy of form from the bank which can be of different types depending upon nature of the account. And that prescribed form is given free of cost.
- Required Documents
Now a day there are often same documents required by bank for account opening though some of required documents can vary as well but mostly following are the documents need to be attached with the application form.
- Provide your CNIC /NICOP / POC / Passport in original.
- Zakat declaration if you are applicable
- Proof of job/Business/Profession.
- Proof of source of funds in case of housewife / student account
- In case if customer is minor then Form “B” is required.
- Sometimes Photograph(s) is asked in case of personal withdrawal instructions.
- Specimen Signature Card
During the account opening process, a signature card is issued by bank to record your signature for future transactions. So you need to be a bit careful in this process because once your signature is noted by the bank online system then every time you have use only that signature to Cheque book to withdraw the amount or any other future reference.
- Amount deposition
Now the account holder or customer is required to deposit the minimum prescribed amount for the opening of account type he/she has selected. (Also note you can deposit even more then prescribed minimum amount).
- Issuance of Account Number & Documents
This is last step because after completing all necessary requirements the respective bank allows and issues its customer an account number along with these main documents.
- Cheque Book
- Pass Book
- ATM Card (If demanded)
- Pay in ship
Your account number is either written on these above documents except ATM card, or it will be in other written document. In short today banking process in Pakistan is a painless and pretty simple than ever before, because having that level of your own financial freedom is really worth your efforts and time, and any banking transaction or process is possible in less than a day now. Thus we hope this guide will be very much helpful to get you through everything required for “opening a bank account in Pakistan”.