Top 4 Banks that Offer Saving Account in Pakistan

There are only a few banks in Pakistan that offer savings accounts and even fewer have good interest rates and are transparent about their fees, rates and other features regarding bank accounts. best saving account in pakistan,  In this article, I will cover the accounts that I myself have used and hold them to be trustworthy and secure. All banks and their solvency are not to be trusted. It is important that you do a little research before choosing a bank to deposit your money to make sure you don’t lose your savings. Below is the list of the best saving accounts in Pakistan.

4 Best Saving Account in Pakistan

1. Standard Charter’s Basic Saver Account

best saving account in pakistan

Standard Charter’s Basic Saver Account is the best overall savings account in Pakistan. It is a well-trusted bank with branches in all the major cities in Pakistan as well as in other countries which makes international transactions a lot easier and affordable.

The Basic Saver Account offers an interest rate considerably above inflation on average. Currently, they are offering interest rates around 11% which is more than the average inflation rate in Pakistan. This interest rate makes money grow in monetary terms as well as in real value terms. 

Having an account in Standard Charter comes with various benefits such as you will be able to get a credit-card, loans easily and open a brokerage account to invest in the stock market. To open an account with Standard Charter, you can apply online or visit their branch near you.

2. Meezan Bachat Account

4 Banks that Offer Saving Account in Pakistan-PiP

Meezan Bachat account is another good savings account that provides high monthly returns with the flexibility to withdraw your money whenever you want. It offers a higher expected rate of return with the same service and convenience of a regular savings account. 

Anyone can open a Meezan Bachat Account whether he/she is salaried, self-employed, housewives and retired individuals. The minimum deposit required to open the account is PKR 50,000. The salient features of this savings account are; Free Pay Orders, Free Internet Banking, monthly profit payments and the profit will be calculated on the daily product basis.

When you open the Meezan Bachat Account, you enter into a relationship with the bank based on Mudarabah. Under this relationship, the customer is Rab-ul-Maal (Investor) and the bank is Mudarib (Manager) of the money deposited. The bank allocates this money to a deposit pool. The customer earns profit from the funds generated from the pool. The Bank, as Mudarib, shares 50% of gross income while the depositor, as Rab-ul-Maal, shares 50% of gross income. You can open a Meezan Bachat Account by applying online or visiting the nearest Meezan Bank Branch.


3. HBL Islamic PLS Account

Banks that Offer Saving Account in Pakistan-PiP

If you want to stick to Islamic banking principles, then the HBL Islamic PLS Account is the best option for you. This account doesn’t offer a fixed interest rate but the return is usually between 3 to 8% annually which is the same as other Islamic savings accounts. The return rate is considerably below the rate of inflation. Buying land, gold or silver will be more profitable than the returns from this account.

Other Islamic savings accounts from different banks are not as good an option as from HBL due to their financial status and because they do have their presence in every city.

If you have made up your mind to open an HBL Islamic PLS Account, make sure you do your research about the fees as there are a lot of them. 

4. National Savings Account

Top 4 Banks that Offer Saving Account Pakistan-PiP

National Savings Account is a government-sponsored account that makes it safer to use. It has a great interest rate which is equal to the inflation rate i.e. 8%. This account is a good alternative to a standard chartered account for those who don’t have any of its branches nearby. 

With a National Savings Account, you can deposit or withdraw your money from any government office including post offices. With the increasing stability of the economy of Pakistan, more and more people are confident enough to deposit into this account. 

The National Savings Account doesn’t have the facility to open it online or manage it digitally. You have to visit a government facility such as PPO or NSC office to open an NSA account.

This account comes with a little risk in the sense that if the economy of the country worsens, it may become difficult to withdraw your money. However, this is not a probable event in the near future now so feel comfortable putting your money in it. Visit the official website of the National Savings Account to get more information about the account, here.

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