Asaan Accounts – Now you can open a bank account with a deposit of Rs. 100

State Bank of Pakistan has created Asaan Accounts which will require a CNIC and an initial deposit of Rs. 100 to open up a bank account. Currently, even the most basic bank accounts in Pakistani banks require a hefty minimum deposit – which is going to change now. Opening a bank account can be a tedious job but this initiative will encourage more people to move towards banks.

The Asaan account has yet to be implemented in banks over Pakistan. There are yet no updates on what additional benefits will be given to these account types with regard to a debit card, cheque book, internet/SMS Banking, etc.

Currently, only 12% of Pakistani citizens have bank accounts. The government has made this plan in an effort to encourage Financial Inclusion within their own economy. With more people having access to bank accounts, transactions can now be done more conveniently. Most banks in Pakistan offer internet banking and ATM transfer facility which will help send money anywhere in Pakistan.

The Asaan Account can also be seen as a way for anyone to start working from home. Many people who wish to be earning online are unable to do so since the potential employer or website requires a bank account for them to receive their payment. With the introduction of many freelance websites, such as; Freelancer, Elance, oDesk, Upwork, etc., an average Pakistani can now earn money from the comfort of their home.

The audience that can benefit from this are; freelancers, entrepreneurs, housewives, teenagers, students, and many other people who wish to earn but lack the formality of a place to hold their money. This move ties in with the Governments aim to raise bank account holders in Pakistan to 50% by 2020.

If you want to have a look at the guideline set by the SBP for these accounts click here.

What are your thoughts on the plan by the Government? Let us know in the comment section below!