Bank Accounts

Finding and Selecting Best Bank Accounts in Pakistan

There are many different types of bank accounts offered by all banks available throughout Pakistan. These bank accounts are designed to fit a wide range of consumer day to day banking needs. From individual savers who require instant access to those who are willing to lock their money away for a period of time to business accounts that are perfect for SME’s, they all offer something different.

Term Deposit Accounts

For those who are looking to make their money work hard, a term deposit account is the perfect choice because it means that customers can lock their money away for a fixed period. During this time, they will benefit from higher interest rates but it will mean that their money cannot be accessed for an agreed period which could range from a few months to a few years. In case you would like to withdraw you money earlier than an agreed term, you will be required to pay penalty or service charges. You can lock your money for a term of like 10 years to get high returns. However, these are a great option for those who are looking to plan ahead for a big life event such as the wedding of a child or even to cover the cost of their education.

Savings Accounts

A savings account is the perfect choice for those who are looking to earn interest on their savings while still having access to it when they want it. A savings account is a great way for customers to grow their money without having to agree to put it away for several months or years without being able to access it. It is always a good idea to use a savings account than a current account since you will be able to earn profits on regular intervals on any balance you keep in your account for a certain period of time in addition to enjoying the day to day banking needs. Usually savings account come with an agreed interest rate ensuring that users know how much they can earn however the rates are revised on regular intervals. The more money they have in the account the more interest & profit, they can earn. Additionally, there are several other savings & investment options (other than savings and term deposit accounts offered by retail banks) that can be explored here in the Mutual Funds comparison service. 

Foreign Currency Bank Accounts

Foreign currency accounts are suitable for those who need to make or receive payments in a foreign currency, whether it is Euro’s, Sterling or even dollars. The aim of these accounts is to make it simple to make the payments but also to keep everything streamlined and easily accessible. Often, these accounts will come with preferential rates unlike standard accounts which charge a fee to have the amount converted from the foreign currency and into the local currency.

Current Accounts

Current accounts are perfect for people who like to be able to take control of their money and when and where they access it. Most of the consumers use a current bank account for their salary handling. They still allow individuals to save but they will often come with a very lower rate (if any) of interest due to the way in which customers can make withdrawals at any time. They are ideal for those who like to spend their money and access it quickly and easily without having to make applications to withdraw it. They are perfect for everyone but often those who are not really looking to earn on their money but would rather have the ability to access it when they need it.

SME Bank Accounts

Small or Medium Enterprises have to be able to take control of their income and expenses in a way that enables them to keep track of their cash flow while being able to access money in a way that allows the business to operate and function efficiently. These bank accounts will provide business with a certain level of interests but it is more important that businesses can access funds when they need them. These accounts are perfect for businesses of small or medium sizes where they have a fairly small or moderate flow of cash but need somewhere in which to save it while benefiting from having a specialised business account which differs from that of traditional accounts for individual savers. Visit mawazna.com bank accounts comparison services through above sections to find, select and applying for a bank account that matches your needs.