How to open an account in Bank of Khyber

The Bank of Khyber is a provincial government bank owned by the government of Khyber Pakhtunkhwa, it was set up in 1991 as a state-owned bank and has a total of 130 branches across the country all of which provide banking services like conventional banking, Islamic banking and microfinance loans.

BOK also provides online services to its customers across all branches in the country, cash can be accepted at a branch for crediting accounts elsewhere. The bank can also give out cheques to customers by debiting their accounts elsewhere in the country.

Below are the features of online banking at BOK:

• Cheque Encashment
• Cash Transfer
• Transfer of Funds through Cheques between Branches

Let’s look at some of the accounts you can open at the Bank of Khyber:

• Current account
• Savings account

Current Account:

There are 2 types of people that can apply for a current account at BOK:

• Salaried individual (Age limit: 18 to 70 years old)
• Business owner (Age limit: 18 to 70 years old)

Salaried individual:

If you are a salaried employee and are looking to open a current account at the Bank of Khyber, collect the following documents before heading to the bank:

• CNIC and 2 of its copies.
• Proof of employment (through an employment verification letter).
• Documented copy of your utility bills.

Business owner:
Being a business owner, you need to collect the following documents to apply for the current account:

• CNIC and 2 of its copies.
• Proof of business ownership.

After submitting these documents to the bank, you’ll also need to pay a fee 5000 PKR for account opening and will need to maintain a minimum balance of 5000 PKR to avoid being levied by the bank.

Features of current account:

• Unlimited withdrawals and deposit every month.
• Easy access to banking facilities.
• The account balance is exempted from zakat deduction.
• Free bank statements and internet banking facilities.
• Unlimited free ATM withdrawals.

Savings account:

Opening a savings account is much similar to opening a current account at BOK. There are 2 types of people who can apply for PLS savings account at BOK.

• Employed person (Age limit: 18 to 70 years old)
• Business owner (Age limit: 18 to 70 years old)

Employed person:

If you are a salaried employee and are looking to open a savings account at Bank of Khyber, collect the following documents before heading to the bank:

• CNIC and 2 of its copies.
• Proof of employment (through an employment verification letter).
• Documented copy of your utility bills.

Business owner:
Being a business owner, you need to collect the following documents to apply for the savings account:

• CNIC and 2 of its copies.
• Proof of business ownership.

After submitting these documents you’ll also need to pay a minimum fee of 100 PKR for account opening while no minimum account balance is required to avoid tax imposition.

The only difference between the current and PLS savings account is that the savings account has an annual equivalence rate (AER)/ interest rate of up to 8.25%.

Features of savings account:

• Higher deposits promise higher rates of return.
• Account available in both local and foreign currency.
• Restricted free withdrawals each month.
• The interest rate fluctuates up to 8.25% based on the deposited amount.

So if you feel interested in opening an account at the bank of Khyber, visit your nearest BOK branch with the required documents mentioned above.

Not convinced? Here is a complete list of all Pakistani banks where you can open your accounts:

• How to open an account in Bank AL-Habib
• How to open an account in Bank Alfalah
• How to Open an Account in Askari Bank Limited
• How to open an account in Habib Bank Limited (HBL)
• How to open an account in Bank Al Baraka
• How to open an account at BankIslami
• How to open an account at MCB Bank
• How to open an account at Faysal Bank