Types Of Bank Accounts Used In Pakistan

1.Fixed Deposit Account:

This is the most important account which can be opened with commercial bank. In
this account the money is deposit for the fixed period of time by the customer and
the bank safely advance it in the loan and earn profit. At the time of opening the
account the slip is given to customer and money is re paid on the presentation of
the same slip on the expiry of the period. The rate of interest is varies with the time
for which the money is deposited longer is the period higher the interest and vice
versa. owever, in case of need, the depositor can ask for closing (or
breaking) the fixed deposit prematurely by paying paying a penalty
(usually of 1%, but some banks either charge less or no penalty). And he
will also have to surrender the interest for the expired period or he can get loan
against deposit from the bank. This account is suitable for those person who can
save money for sometime and want a higher rate of interest.




Deposit Account
Type

Term APY Account DetaiIs
HBL 1 Year Term
Deposit

1 year 12.00%
Rate is for a 1 year term with a minimum investment of
Rs. 25,000 for the 'HBL AdvantageAccount' - PKR - Nov,
2011
Standard Chartered
Bank Pakistan 1 Year
Term Deposit

1 year 9.80%
nterest Rate is for a 12 month / 1 year Rupee Term
deposit term - PKR - Nov, 2011
Standard Chartered
Bank Pakistan 6 Month
Term Deposit

6
month
9.55%
The deposit nterest rate applicable is for 6 Month term
and is on a Annual Percentage Yield - PKR - Nov, 2011
Standard Chartered
Bank Pakistan 3 Month
Term Deposit

3
month
9.30% - PKR - Nov, 2011
MCB 1 Year Term
Deposit

1 year 5.120%
The interest rate is applicable for the MCB PKR term
deposit product and for a time horizon of 1 - PKR - Nov,
2011
MCB 3 Month Term
Deposit

3
month
5.03% - PKR - Nov, 2011


Deposit Account
Type

Term APY Account DetaiIs
MCB 6 Month Term
Deposit

6
month
5.00% - PKR - Nov, 2011

.Current Account:

This account was introduce by the Goldsmiths of England. Due to advantages of this
account almost all the commercial banks open this account as the part of their
functions. This account is suitable for businessman who are very often in need of
money for making payments. In this account the customer is authorized to deposit
or withdraw money any time in or from the bank. The bank does not pay any
interest, rather it charge from the depositors its services which are
called "Incidental Charges" . The cheque book is issued to the customer and can be
withdraw money any time.

A dictionary of Economic and Commerce has defined current account as..

"The type of bank account required if a customer wishes to make payment by
means of cheques"

3.Saving Bank Account:

This account is also very common in Pakistan. It was introduced by the banks for
those who have low incomes and small savings. This account enable small savers to
save and earn income on it. This account is also opened with the Post Office in
Pakistan.

Following are the Features of Saving Account:

* The customer is entitled to withdraw the money twice a week, and if the amount
exceed Rs: 6000/- then the notice in writing given to Bank.

* The facility of collection of cheques, bill and warrants is provided to the account
holder.

* Saving account holder is allowed to withdraw not more than a fixed amount in a
month through limited withdrawals from this account.

.Profit & Loss Sharing Account(PLS) :

A step toward Islamization of the economy a programmed was launched and
interest free deposits were introduced which proved to be the great change in the
history of Pakistani Banking. Separate counter started operating in all nationalized
banks from 1st January 1981. The deposit accepted in these accounts are invested
in different productive channels remuneration to depositers is made on the basis of
profit and loss as the case may be. No concept of interest is involved. Considerable
interest is shown by the people in these accounts and so far a large sum has been
deposited in these account.
Rules of PLS Account:

* The PLS saving account can be opened with a sum of Rs: 100/-

* The bank has full right to make of deposits in the PLS saving account.

* Withdrawal of amount can only be made through cheque.
* Withdrawal of amount from PLS account are allowed 8 times in a month and total
amount should not exceeding Rs: 15000/- for withdrawals of large amount 7 days
notice is required.
* Statement of PLS saving account will be supplied to the account holder at
periodical interval.
The interest on these accounts was regulated by State bank of Pakistan
and it was fixed at 5.00% p.a. on daily balance basis.

.Home Saving Account:

It was introduced in India. The interest rate is as same as saving account. In this
type of account, the bank supplies saving box to the depositors, to enable him to
drop his small saving into it from time to time. The box is taken to the bank
periodically where the amount is taken out from the box and credited to the
customer's account. This account was basically introduced to inculcate the habit of
saving in children in India and in some part of Pakistan.