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Using Banks & Bank Accounts

The advantages of using a bank are many:

  • Banks are reliable and operate according to banking laws; so you will always get your income on time and your privacy will be valued
  • Your money remains safe: money kept as cash can be lost or stolen, and is difficult to recover. Banks have insurance that enables them to recover lost or stolen money.
  • Banks offer a wide variety of options such as savings accounts tailored to both short-term and long-term savings goals
  • You can get large, longer-term loans because banks have the most money to lend
  • Banks offer many convenient services, such as payment of remittances, salaries and pensions, money transfers to relatives and remote banking through Automated Teller Machines (ATMs)
  • When your money is deposited in the bank, you are less tempted to spend it.


Bank Accounts:

An account is opened when a customer entrusts an amount of money to an institution from which customer can make withdraw or add more funds. In Pakistan, you can have an account at the post office, a Microfinance Institution or any branch of a commercial bank like so many of those that keep advertising on TV.


Bank accounts differ in their types and characteristics. Some examples of accounts are:

  • Joint Account
  • Senior Citizens Account
  • Savings Account
  • Current Account
  • Time Deposit


A simple current account is one where you have instant access to your money and you can withdraw it using a check, an ATM etc. The interest rates are normally very low on these accounts.


Basic Bank Account

In order to facilitate ease of banking facilities use, all commercial banks operating in Pakistan have introduced Basic Banking Accounts (BBA) facility with the following features:

  • The minimum initial deposit amount is Rs 1,000
  • This will be non-remunerative account
  • There will be no maintenance fee or charge  
  • There will be no requirement of a minimum balance, however if the balance of a BBA remains zero for a continuous six-month period, the account will be closed.
  • Every month, two deposit transactions and two withdrawals using cheques are allowed, free of charge
  • Free of cost, unlimited ATM withdrawals from the banks’ own ATMs will be allowed. In case another banks ATM is used, that bank may charge an amount