The State Bank of Pakistan (SBP) has revised up the transaction and credit limits of the Asaan Account and the Asaan Remittance Account to extend the benefits of financial services to unbanked and under-banked segments of the population.
Accordingly, the total debit and credit limit of the Asaan Account has been enhanced from Rs. 50,000 per month to Rs. 100,000 per month.
The maximum credit balance limit of the Asaan Remittance Account has been enhanced from Rs. 2 million to Rs. 3 million.
The cash withdrawal limit of this account has been revised up from Rs. 50,000 per day to 0.5 million per day.
The fund transfer limit has been also revised up from Rs. 50,000 per day to Rs. 0.5 million under these accounts.
Revisions have also been made to simplify account opening procedures and introduce a new account category, namely “Asaan Account,” for low-risk customers.
The banks may convert existing Basic Banking Accounts (BBAs) to Asaan Accounts provided prior consent of customers is obtained, and the Terms and Conditions of Asaan Account are conveyed to them. However, banks shall not recover any charges for the conversion of BBAs to these accounts.
Further, in case the Asaan Account holder requires financial services higher than the specified transaction limits, the Asaan Account may be converted to a regular account subject to completion of Customer Due Diligence as per ‘AML/CFT Regulations’ and ‘Guidelines on Risk Based Approach’ for banks, development finance institutions (DFIs) and other applicable requirements.
