How to open an account in Faysal Bank

Faysal Bank is a Pakistani Islamic and commercial bank based in Sindh, city of Karachi, Pakistan. The bank was founded in 1994 with currently 450 branches all across the country, however, there is a business development plan with an oath to increase the number of branches by 200 till 2020.

Faysal Bank also provides its users with the facility of internet banking through its Mobit app, the app helps you to maintain your finances from the comfort of your home.

Some of the features of the Faysal Bank internet banking are mentioned below:

• Manage multiple accounts
• Mobile top-ups
• Payment of utility bills
• Beneficiary management
• Mobile alerts on transactions performed

Let’s look at 2 different types of account you can open at Faysal Bank:

• Current account
• Savings account

Current account:

There are 2 types of people who can apply for a current account at Faysal Bank:

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

Salaried individual:
To apply for a current account at Faysal Bank, you need to collect the following documents:

• CNIC
• Proof of employment (through an employment verification letter)
• Copy of your utility bills

Business owner:
Collect and submit the following documents to the bank if you want to open a current account at Faysal Bank:

• CNIC
• Proof of business

After you’ve submitted these documents, you’d also need to pay a minimum fee of 1000 PKR for account opening and will also need to maintain a minimum balance of 25000 PKR for account maintenance (this opening and maintenance fee is for Sahulat current account), if you want to know the opening fee for other types of current account visit the Faysal Bank website.

Features of current account:

• Free service for maintaining a minimum balance of 50000 PKR.
• Unlimited Cheque books, pay orders.
• Free internet banking
• No minimum monthly balance limit.
• Unlimited withdrawals and deposits every month.

Savings account:

There are 2 types of people who can apply for a savings account at Faysal Bank:

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

Salaried individual:
To apply for a savings account at Faysal Bank, you need to collect the following documents:

• CNIC
• Proof of employment (through an employment verification letter)
• Copy of your utility bills

Business owner:
Collect and submit the following documents to the bank if you want to open a savings account at Faysal Bank:

• CNIC
• Proof of business

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

The Faysal Bank PLS savings account has an annual equivalence rate(AER)/interest rate of up to 8.25%.

Features of savings account:

• Free monthly e-statements
• Free internet banking facility
• SMS alerts on transactions
• Higher the deposited amount higher the interest rate.

In all these are the 2 types of accounts you can open at Faysal Bank, so if you feel interested, visit your nearest Faysal Bank branch to apply or download the account opening form to fill it at home.

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