How to open an account at Silk Bank

By Abdul Raffay ⏐ 6 years ago ⏐

4 min read

Silk Bank is a Pakistani commercial bank based in Karachi, Pakistan. It was formally known as The Saudi-Pak Bank. Established on September 15 2001, the bank has currently 250 Branches in Pakistan.

Among other products, Silk Bank also provides internet banking facilities to its customers to provide a seamless banking experience, some of which are mentioned below:

Balance Inquiry
Mini Statements
Transaction Details
Low Balance Alerts
Account Statement Requests
Fund Transfers
Pay Order and Demand Draft Requests
Cheque Book Requests

Let’s look at 3 different types of account you can open at Silk Bank:

Current account
Savings account
Asaan account

Current Account:

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

Salaried individual (Age limit: 21 to 60 years old)
Business owner (Age limit: 21 to 65 years old)

Salaried individual:

To apply for a current account at Silk 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 Silk Bank:

CNIC
Proof of business

After you’ve submitted these documents, you also need to pay a minimum fee of 1000 PKR for account opening while no minimum balance is required for account maintenance (this account opening fee is for the Silk Bank Basic Current Account) for other types of current accounts, visit the deposits section on this page.

Savings Account:

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

Salaried individual (Age limit: 21 to 60 years old)
Business owner (Age limit: 21 to 65 years old)

Salaried individual:

To apply for a savings account at Silk 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 Silk Bank:

CNIC
Proof of business

After submitting these documents you’d also need to pay a minimum fee of 1000 PKR for account opening while no minimum balance is required for account maintenance.

Silk Bank PLS savings account has an interest rate (AER) of up to 8%.

Features of Savings Account:

Profit calculated on Monthly average balance.
Unlimited number of deposits and
Free e-statements and internet banking.
Unlimited withdrawals and deposits every month
The interest rate depends on the deposited amount and the term length.
Profit payment on a half-year basis.

Asaan account:

Open an Asaan Account if you’re not the type of person to get indulged in the formalities of providing documents for account opening. With Asaan account the only document required is the individual’s CNIC.