Rs.100 Asaan accounts introduced by State Bank of Pakistan

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SBP - Asaan Accounts

According to Pakistan Economy news, The State Bank of Pakistan (SBP) issued guidelines for opening Asaan accounts with easy due diligence and minimum of Rs100 initial deposit to improve the outreach of financial services across the country.

“Individuals can open the Asaan account with a simple and one-page account opening form,” said the SBP.

“These accounts will preferably be card-based with the option of cheque books. SMS, internet and mobile banking are optional.”

Banks may offer these accounts as current, savings or remunerative. Basic customer information will be required, besides valid identity documents like CNIC, SNIC, NICOP, POC, ARC, and passport and pension book.

Total debit per month and total credit balance limits are Rs500, 000.

The SBP said that it has been supporting development of an inclusive financial system in the country by creating environment for financial services to all sectors of the economy.

To achieve the targets set out in national financial inclusion strategy, “banks are required to develop quarterly and yearly plans to open Asaan accounts”.

The SBP would regularly monitor its progress.

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