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different types of bank accounts and their features

This may not seem as difficult as it sound but whole lot from you definitely wants to know about it. In past few years, the dimension of investment has been changed. Previously people use to keep their cash in lockers or under the earth but in this point in time, people have started talking about different types of bank accounts and rate of interest for investment purpose. Most of the people in Pakistan are aware about the fact that there is no gain in keeping one amount for years. So why not keep it in a bank and earn some percentage on it?

Banking foundations may offer a wide scope of financial balance types. By learning different types of bank accounts and their features, you can work out the decisions that suit your own needs.

Basic Banking Account (BBA)

So as to expand the entrance of financial services to under privileged and to encourage and give essential financial facilities to the low salary individuals in Pakistan, every single commercial bank offer Basic Banking Accounts (BBA) facility. The primary features of this record are:

  1. The minimum initial deposit is Rs 1000 and there is no charge for looking after BBA.
  2. It is a non‐remunerative record with no restriction on least equalization.
  3. In cases, where balance in BBA remains ‘nil’ for a persistent six‐month period, such account is at risk to be shut.
  4. Maximum two store exchanges and two cheques withdrawals are permitted, free of charge, through money/clearing every month.
  5. Unlimited, for nothing out of pocket, ATM withdrawals from the banks’ own ATM. In the event of withdrawal from BBA through the ATM machines of different banks, the separate/other bank may recuperate charges for such exchanges.
  6. Existing financial balance holder can change over to BBA from customary full administration banking account.
  7. The banks can include more administrations, in the event that they wish and furthermore charge, according to their current approach, for any administration/transaction well beyond the initial services of a BBA, in the event that they wish.

Current Account

Current financial account is generally opened by specialists who have various standard transactions with the bank, both deposits and withdrawals. Current account can be opened with any business bank in Pakistan. In current account, sum can be stored and pulled back anytime without giving any notice.

It is likewise reasonable for making installments to loan bosses by utilizing cheques. Cheques received from clients can be kept in this record for gathering.

Highlights of Current Account

Features of Current Account

Saving Account

A saving account is a budgetary record at a safe foundation, for example, a bank that pays interest on cash that is spared. Bank accounts normally have unobtrusive loan costs that are lower than rates offered by fixed/term stores. Sparing record is an essential monetary instrument that is considered as a piece of any speculation and reserve funds technique.

Highlights of Saving Account

Features of Saving Account

Term/Fixed Deposit Account

The record which is opened for a specific fixed period (time) by keeping specific sum (cash) is known as Fixed (Term) Deposit Account. The term ‘fixed deposit’ signifies that the store is fixed and is repayable simply after a particular period is finished.

Under fixed deposit account, cash is saved for a fixed period state a half year, one year, five years or even ten years. The cash kept in this record can’t be pulled back previously the expiry of period. The rate of intrigue paid for fixed store fluctuate (changes) as indicated by sum, period and from bank to bank.


Highlights of Fixed Deposit Account

Features of Fixed Deposit Account

Foreign Currency Accounts

As an exceptional office, you can open records in remote money notwithstanding PKR stores. Records designated in four outside monetary forms for example US Dollar, British Pound, Japanese Yen what’s more, Euro; are permitted to be opened by budgetary organizations working in Pakistan.

You can pull back the sum either in PKR at current swapping scale or in the named cash.

Under the current guidelines, the Authorized Dealers (Banks approved to bargain in outside trade) without the earlier endorsement of the State Bank, can open outside money records of the accompanying:

Highlights of Foreign Currency Account

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