This document discusses the different types of bank accounts available in Pakistan. It defines key account types like current accounts, savings accounts, minor accounts, deceased accounts, and dormant accounts. It also outlines procedures for account opening and differences between various deposit and account options available to customers.

2. Thanks to our Respected
Sir
Khalid Rafiq

3. Mubashar Maqbool 32
Shazma Rauf 14
Umair Aamir 36
Qadir Abbas 39
Muhammad Shan 44
Types of Accounts in a Bank

4. Table of Contents
 Definition of Bank
 Prudential Regulation
 Account opening procedure
 Individual v/s Joint Account
 Types of Deposits
 Current Account
 Saving Account
 Difference between Current and Saving Account
 Basic Banking Account
 Minor Account
 Deceased Account
 Cash Management Account
 Dormant Account
 Collection Account

5. Definition of Bank
1. Accepting the deposit of money from people.
2. Allowing withdrawal of deposit on demand.
3. Utilization of deposit in financing or investment.

6. Prudential Regulation
 To run the banking operations it is mandatory to full fill all the
requirements of prudential regulation
 SBP prudential regulation (M-1) Bank and DFI maintain a written
statement of know your customer (KYC) this KYC statement dully
approved by the BOD.
 This policy should be applicable when starting new relationship
(new account) and also apply on existing account.

7. Account opening procedure
Due to the prudential regulation it is mandatory to know
your customer (KYC)
 Receiving duly-filled-in account opening form
 Obtaining two copies of photograph
 Obtaining introduction or reference and following it up
 Obtaining specimen signatures
 Obtaining mandate
 Receiving initial deposit

8. Individual Account
The account which is operated by the only one
individual that account is called individual
account.
Joint Account
Joint account is a Bank account shared by
two or more individuals. Any individual who is
a member of the joint account can withdraw
from the account and deposit to it. Usually,
joint accounts are shared between close
relatives or business partners.

9. Like Bank AL Habib Apna Individual Current Account
The product is primarily focused on individuals looking for a personal account to fulfill
all their modern-day banking needs with convenience and host of free facilities. This
may include employees of large corporate clients, professionals like
teachers/doctors/accountants/engineers, farmers, students and self-employed persons.
Key Features
 No Minimum Balance
 Free Exclusive ATM Card
 Free Online Banking
 Free SMS Alerts (on transactions above Rs. 25,000/-)
 Free Pay Orders (upto 3 per month)
 Free E-Statement
 Free Internet Banking

10. Types of Deposits

11. Current Account
 Current bank account is opened by businessmen who have a higher
number of regular transactions with the bank.
 No Profit , No Loss account.
 Zakat is not deducted.
 Deposited and withdrawn at any time without giving any notice.
 Withdrawal from Account
 Cheque
 Direct Debit
 ATM

12. Saving Account
Savings Accounts are the most
popular kind of individual
accounts for personal purpose of
saving your investments and
getting interest rates. Savings
account provides cheque facility
along with flexibility for deposit
and withdrawal of funds from
your account.

13. Features of Saving Account
 Saving account is opened in the name of individuals but also be
opened in the name of Charitable institutions, for provident funds
and pension funds.
 Restrictions on withdrawals.
 Minimum balance Rs 500- Rs 1000 – this varies with different
banks; Interest on deposit.
 No overdraft facility.
 Zakat is detected on this account if we not submit the application
to bank for not detection of zakat.

14. Difference between Current and Saving Account
Points Current Account Saving Account
Purpose Many transaction To encourage saving
Ideal for Business person Salaried person
Over Draft Allowed Not Allowed
Interest Rates No interest is paid 4% - 6%
Minimum
Amount
Higher amount Less amount

15. Difference between Fixed and Recurring Deposit
Fixed deposit Recurring deposit
Money deposited only once. Money deposited several times.
Can be opened for a short period. It is generally opened for a few
years.
Minimum deposit required is
more.
Minimum deposit required is less.
Higher rate of interest. Slightly lesser rate of interest.
Withdrawal can be done through
surrender of fixed deposit receipt.
Withdrawal can be done through
surrender of pass book.

16. Basic Banking Account
 Basic banking account is opened by low income people in Pakistan.
 Initial deposit to open a BBA is Rs.1000.
 No profit is Paid.
 No minimum balance is necessary to maintained .
 If account is Nil for continuous 6 month , banker have a right to close it.
 Maximum 2 deposit and withdrawals in one month are free of charge .
 Free of charge ATM .
 Charges detect if use other bank ATM.
 Regular banking account can converted into BBA.

17. Minor Account
 A specific type of savings account setup for a minor by an adult.
 Before the 18 years old a child is not able to enter in a contract.
 Nadra not issue the CNIC.
 An account in the name of minor is generally initiated and
operated by the guardian .
Example:
 M. SHAN (Minor)
 Ahmed Bukhsh (Guardian)

18. Deceased Account
A bank account, such as a savings
or checking account, owned by a
deceased person. When a bank
receives notice that a customer
has died, it will freeze his/her
account(s) while waiting for
direction from the authorized
court regarding payment to heirs
and creditors.

19. Cash Management Account
Bank this service provide to the higher profile business customers
Which they can speedily obtained fund from their collection account and
transfer to their main account through a computer module
The module collect and consolidate data collect and consolidate data from
the customer bank account in any location in the country
Example :
BZU can open a cash management account for the collection of fee in any
branch of HBL.

20. Dormant Account
 When there has been no financial activity for a long period of
time, other than posting of interest, an account can be
classified as dormant. After 6 month you can able to deposit
but not able to withdraw.
 According to SBP instruction before making the account
become dormant at least a notice to the customer.

21. Collection Account
 Account is opened for collection of funds.
 Collection account is opened by business customers, charitable
institutions.
 Main account is open in any branch of bank and collection of
funds other branches, then funds transfer to main account as
per instruction.