SBP Directs Banks to Open Accounts Without Income Proofs and Against Just Rs 100 Deposits

State Bank of Pakistan has directed banks to open “Asaan Account” for customers against a minimum deposit of Rs100 with no minimum balance requirement, submission of CNIC copy and basic details.

Due to the directive, hundreds of thousand of freelancers, technopreneurs, starter-ups, tutors, housewives and teenagers could open an account in any bank without disclosing source of income.

According to details, individuals will be able to open an Asaan Account with a simple and one page account opening form (paper based/electronic form). In this regard, Meezan Bank already has introduced Online account opening form.

These accounts shall preferably be Card Based with option of Cheque books. SMS/Internet/Mobile Banking and other ADCs. However, banks may offer these accounts as Current, Saving or Remunerative and requirements are related to basic customer information e.g. Name, Father/Spouse Name, DOB, Place of Birth, Mother’s Maiden Name etc.

The valid identity documents for account opening shall include CNIC, SNIC, NICOP, POC, ARC, Passport, and Pension Book.

The central bank has set the limit for monthly total debit at Rs. 500,000 whereas the total credit balance limit has been set at Rs. 500,000.

The initiative of Assan Account was taken in order to expedite the financial inclusion in Pakistan in which a target of 50% growth in bank accounts by adult population by the year 2020 has been set out as per National Financial Inclusion Strategy (NFIS)

The instructions were given to all commercial banks, Islamic banks, microfinance banks and branchless banking services.

The banks may convert existing Basic Banking Accounts (BBAs) to Asaan Accounts provided prior consent of customers is obtained and Terms and Conditions of Asaan Account are conveyed to them. However, banks shall not recover any charges for conversion of BBAs to these accounts.

Furthermore, in case the Asaan Account holder requires financial services for higher than the specified transaction limits, the Asaan Account may be converted to regular account subject to completion of Customer Due Diligence as per ‘AML/CFT Regulations’ and ‘Guidelines on Risk Based Approach’ for Banks/DFIs and other applicable requirements.

The initiative of Assan Account was taken in order to expedite the financial inclusion in Pakistan in which a target of 50% growth in bank accounts by adult population by the year 2020 has been set out as per National Financial Inclusion Strategy (NFIS).

Banks Likely To Get Scores of Customers

It has been observed that the arduous process for opening a bank account, namely the details and documentation requirements, do not allow a layman to get access of banks. Hence, many of them either avoid using the services or use someone else’s account (relatives and friends) for banking transactions.

Due to this situation most of small and medium sized businessmen, freelancers and daily wagers are rejected while trying to open up an account. As a result, our country has a mere 12 percent banked rate.

Bankers along with officials of central bank have finally realized that if easy accounts opening services are provided to a large section of society with very limited requirement of money transactions, millions of people could use the banking channel which will lead to financial inclusion ultimately. (Personally we think they are scrambling after seeing microfinancing solutions like EasyPaisa wildly succeed)

Now for Asaan Account, the competition is likely to begin among Conventional Banks, Islamic Banks, Microfinance Banks, Branchless Banking Services.

    • Discussion here has lost the focus. Reality is that I am a overseas Pakistani, I visited UBL recently to open a bank account. Staff there advised me that he will show me as “unemployed” because otherwise I will have to provide a salary slip instead of a certificate from employer showing my salary, designation and employment start date etc.
      He also told me that he will have to mention me as non-resident Pakistan (not living in PK) as otherwise I will have to provide many documents. At the end he said “You will have to provide electricity and water bills too”. I was like “WTF” a certificate from employer isn’t enough and you need a salary slip instead ? You want to declare me a non resident Pakistan to ease the process and want me to provide utility bills in Pakistan ? Are these people born so stupid or they are agents of enemies who do not want overseas Pakistanis or local Pakistanis to keep their money in bank?
      In short I will keep my saving abroad which is a handsome account. Screw all these d-heads who with their clerical mindset do not know what damage they are causing to the country.

  • Dar Sb, has played a good move, by this initiative FBR shall find some more Taxpayers

    • Chowdry sahab, we have really intelligent people like Mr. Dar. so one day all people will be tax payers in Pakistan, Insha Allah.

      • We have no objection in paying tax!! The objection is our tax is not being utilized as a good way rather in corruption. By the way, only 0.057% people pay income tax. If only 8% people paid income tax, we would see miracles.

        • corruption?
          well you will not agree but you meant politicians.
          everyone is doing corruption here.
          politicians, Military, judiciary, beaurocrates, police, government servants, private workers, private institutions and government institutions.
          public from lower to upper class, from poor to rich
          not paying tax is corruption.
          height of corruption is misuse of power and authority.
          this is not only in pakistan but in many other countries and best example is USA.
          for a country to flourish corruption doesn’t count that much because in eithet way the money is there in banks or in shape of business or whatever, in the end it has to be spend. This is not justification but it has not that much effect on economy what we think.
          corrupt practices are general now a days in this world.
          Paying taxes is issue here which is the duty of every citizen to pay no matter others are paying or not or where that money goes. we need to understand this thing that tax must be paid. Countries run on taxes only and without tax you cannot run a country.
          Don’t blame others that people do not pay coz someone will eat their money. That’s the argument we people use so we will not pay any tax and justify ourself with stupid arguments to blame others for not fulfilling our obligation towards state.
          Mera program dekha karo Ramzan ka

          • “Countries run on taxes only and without tax you cannot run a country” Look at the history of Islam before 1400 years ago!! The successful government which was run by Hazrat Umer R.A was without any such tax that has implemented in Pakistan, Brother Jan! I don’t want to debate on this topic anymore!!!

            • In Hazrat Umer tenor, Islam have seen addition of many territories and it benefitted the islamic govt in shape of fadya etc. In that time there was no roads, no housing schemes, no international relations issues and negligible govt expense. People of that era didn’t demanded compensations from govt.
              Well, in my opinion its a poor comparisons since we are all greedy people trying to get rid of even zakat…

              • I could guarantee even if the above stuff were made at that time, he (R.A) could easily manage the government. Again, most people don’t pay income tax as well as Zakat because they know their money will go in black hands. Our government has no common sense in collecting money from the public, but only TAX TAX TAX!!!!!!!!!!!!!!

                • You want Hazrat Umer R.A today?
                  I told you that you are living in past. we are not in a world of 1400 years before.
                  second people don’t pay taxes because they don’t want to give money to state not it will go into their pockets. this is lame excuse for not paying tax. If you go to UK or US and tell them I will not pay tax coz I feared it will go into someone pocket and they will throw you out of their country but here we don’t.
                  corruption is everywhere not in Pakistan only.
                  People can give zakat by their own to anyone, those who don’t give zakat keep money with them, Don’t protect hypocrites.
                  Sabzi wala naap tol main corruption kerta hai jo usko bhi gov pay dalo gay kia..
                  hypocrisy everywhere

            • You are living in 2015. you use phone internet and buy tons of othe irrelevant things. that time there was no money no banks and so on
              the world is different now.
              try to live in reality rather than the past which has gone. you aren’t born in past but in present to live your life.
              aap kay hisab say is dour main koi shakhs jannati nahi hoga agar nizam Islami nahi to or ye ta qayamat aesa he hoga.

            • They don’t need people’s money instead they need investments and human capital through which they run their economy.
              They collect money in from public through different means. for example abu dhabi second income is from fines. Also the businesses their spend at-least 40 % inside the country which is another way of running a country.

  • Freelancers can already get a bank account. I have bank account in 3 banks (MCB, HBL, UBL) and I am not even a freelancer.

  • 6% WHT has been imposed on all banking transactions. This is another move to leech money out of poor people.

    • حکومتی ذرائع کہ مطابق غریب وہ جس کہ پاس انتے پیسے بھی نہ ہوں کہ بینک میں رکھوا سکے:)

  • A highly useless act by government,secondly i would like to tell the author of the article,”Welcome to the real world bachay!”

    The fact is that statebank has already facilitated customers by allowing them to open basic banking account with dposit of only 1000rs,now this facility has been further enhanced by setting the minimum requirement to 100rs.

    Well there is nothing wrong in the policy but when the author says this will increase the banking portfolio and customer base,lemme tell this bacha k bhai bank mein account khulwana itna mushkil kam nai ha….aap kisi bank walay k pass jao bolo k mere pass source of income nai ha,wo khud bolay ga k bhai colour printer se naqli letter head nikalwa lo aur hamein dey do,account khul jaye ga,aur bhai sb zara ye bhi bata dein k apne konsesource k through ye 12% banking rate wale baat pata lagi ha

  • Yeah good for Public who cant even fill a deposit slip themselves.. SBP should review unhealthy routine of bank staff who are stressed due to working hours and opening of new bank branches like “Cigerette/Pan Khokha” to compete with each other..

  • I think this news is either fake or the bank officials don’t know about it. I recently turned 18 and when I went to bank day before yesterday after reading this news, they said no such scheme is offered by us, and it was Meezan bank that is mentioned above.

  • In this regard i have contacted UBL,,standard charterred,,bank Alfalah but they all deny such notice from SBP,,,I think propakistani admin has not confirmed this info

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