KARACHI (APP) – The State Bank of Pakistan on Tuesday issued guidelines for the general public for opening of ‘Asaan’ accounts as part of its efforts to develop an inclusive financial system.
In a statement issued today, the central bank said these low-risk Asaan accounts can be opened with simplified due diligence and with minimum of Rs100 as initial deposit with no minimum balance requirement.
It may be mentioned here that one of the major policy objectives of SBP has remained to enhance outreach of financial services across Pakistan by expanding branch network, setting up special purpose institutions, Islamic banking institutions, microfinance banks, branchless banking service etc.
Only individuals can open the Asaan account with a simple and one page account opening form (paper based/electronic form) in Pak Rupee .These Accounts shall preferably be card based with option of Cheque books. SMS/Internet/Mobile Banking and other ADCs are optional.
Bank may offer these accounts as Current, Saving or Remunerative. Basic customer information e.g. Name, Father/Spouse Name, DOB, Place of Birth, Mother’s Maiden Name etc. will be required. Valid identity documents for account opening shall include CNIC, SNIC, NICOP, POC, ARC, Passport, Pension Book
These accounts may also be opened by bank’s permanent employee/staff by visiting places of customers besides bank branches. Limit of transactions are as under: (a) Total Debit Per Month Rs. 500,000 (b) Total Credit Balance Limit Rs.500,000.
Extending the outreach of financial services in a cost effective manner has been possible through the innovative channels, models and the enabling policy framework. To achieve the targets set out in National Financial Inclusion Strategy, banks are required by SBP to develop quarterly & yearly plans to open Asaan accounts. The SBP would regularly monitor the progress of Asaan accounts.
