Askari Bank Ltd is a commercial and retail bank owned by the Fauji Foundation, its inauguration took place on 9th October, 1991 and its branches are spread out across the entire Country.
With 422 commercial branches and 94 Islamic branches, Askari Bank is one of the most popular banks in Pakistan.
Along with its offline branches, the bank also provides a vast number of services through its internet banking, some of which are mentioned below:
- Mobile payments
- Purchase of mobile air time
- Account statements
- Online registration
- Transferring of funds to any account within Askari Bank
- Inter Bank Fund Transfer facilities.
- Askari Master Card bill payment
- Email alerts
- Payment of utility bills
- SMS alerts
Winning the title of the “Best Consumer Internet Bank” by the Global Magazine in 2002 and 2003, Askari Bank provides its users with a vast array of services free of cost.
If you wish to be a customer of the bank, then you’re at the right place since we will clearly elaborate in very simple and concise terms on how to open 3 different types of accounts in Askari Bank.
Types of accounts:
- Current account.
- Savings account.
- Little champ account
Current Account:
To open a current account in Askari Bank, you need to have some documents for the application procedure as per your designation. There is an online form available as well.
- Salaried Employee (Age limit: 21 to 60 years old.)
- Businessperson (Age limit: 21 to 65 years old.)
Salaried employee:
To open a current account as a salaried/employed individual, you need to bring the following records to the bank.
- CNIC and 2 of its copies.
- Proof of employment (through an employment verification letter)
- Copy of your utility bills.
Business owner:
If you are a business owner looking to open a current account at Askari Bank, bring the following documents to the bank for application.
- CNIC and 2 of its copies.
- Proof of business ownership.
After submitting the documents and filling the form, you have to submit a minimum fee of 100 PKR for account opening while no minimum balance is required for the maintenance of the account.
Features of current account:
- Unlimited cheque books.
- Unlimited withdrawals and deposits.
- SMS alert services.
- Insurance coverage in case of accidental death and permanent disability.
- No worries on maintaining a minimum monthly balance.
Savings account:
Opening a savings account is similar to opening a current account, 2 types of people can apply for the savings account i.e:
- Salaried employee (Age limit: 21 to 60 years old)
- Entrepreneur/Business owner (Age limit: 21 to 65 years old)
Salaried employee:
As a salaried employee, you will have to present the following documents at the time of application.
- CNIC and 2 of its copies.
- Proof of employment.
- Copy of utility bills.
Entrepreneur/Business owner:
If you own a business or have your own start-up, make sure to bring your:
- CNIC and 2 of its copies.
- Proof of Business.
Features of Savings Account:
- Profit payment frequency on a 6-month basis.
- SMS alerts for transactions.
- The interest rate depends upon deposited amount and time length of funds in the account.
- Free monthly e-statements and iBanking.
After the application process is done the user must also pay a minimum fee of 100 PKR for the account opening, while the user does not have to worry about account maintenance as there is no requirement of any minimum balance in order to avoid tax imposition.
The only minor change between current and savings account is that a savings account has an annual equivalent rate(AER)/ interest rate of 8%.
Little Champ account:
Askari Bank also provides its minor customers below the age of 18 with their very own savings account called the “Little Champ Account”.
A child needs the guidance and supervision of a parental/legal guardian to open this account and avail its facilities.
The account can be opened with an initial deposit of 100 PKR.
To apply
You need to bring the following documents:
- B-Form or Student ID card.
- A photocopy of CNIC or national identity card (for overseas Pakistanis) issued by NADRA.
Features of Little champs account:
- Your very own free chequebook.
- Free gift every birthday.
- Free debit card.
- Moneybox as a welcome gift.
- High return on a savings account.
- Internet Banking services
So if you want to open your little champs account, head on straight to your nearest Askari Bank with your parents to apply.
