How to open an account at Summit Bank Pakistan

Summit Bank is a Pakistani retail bank with 193 branches across the country, the bank has its headquarters based in Karachi and was established back in 2006.

The bank also provides its customers with internet banking services, internet banking helps to ease account maintenance affairs as you can manage your account from the comfort of your home.

Some of the services provided through internet banking by Summit Bank are mentioned below:

Utility and Credit Card Bill Payments
Mobile Balance Recharge Facility
Funds Transfer within Summit Bank
Inter Bank Fund Transfer (IBFT)
View and Download Account Statement
View ATM/VISA Debit Card Transaction Details
Activate/Deactivate ATM/VISA Debit Cards
Change ATM/VISA Debit Card PIN

Let’s look at 4 different types of account you can open at Summit Bank:

Current account
Savings account
Young Bee account
Asaan account

Current Account:

There are 2 types of people who can apply for a current account at Summit 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 Summit 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 Summit 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 and will also need to maintain a minimum balance of 1000 PKR for account maintenance.

Features of Current Account:

Free e-statements
Free first cheque book
SMS alerts
Free internet banking
ATM/VISA Debit Card facility
Unlimited number of transactions

Savings Account:

There are 2 types of people who can apply for a savings account at Summit 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 Summit 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 Summit 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 Summit Bank PLS savings account has an annual equivalence rate (AER)/interest rate of up to 8.25%.

Features of Savings Account:

Profit calculated on a monthly basis
Free accidental insurance and ATM card
Free SMS alerts on transactions
Value-added services
Free demand draft, pay order and intercity fund transfer facilities.

Young Bee account:

If you want to open an account for your children so they can learn the importance of saving, Summit Bank offers an exclusive account for young children called the Young Bee account. Visit your nearest Summit Branch, ask the bank officer to fill in the Young Bee form.

Children under the age of 18 can now have their own savings account, all the documents you require include a CNIC of the parent/guardian with their proof of income and the child’s B-form.

Features of Young Bee account:

Attractive returns
No minimum balance
Free transactions over the counter, through the internet or at Summit Bank ATMs.
Free Internet Banking facility
Young Bee Debit Card
Free utility bill payments through branch, SMS, ATM or Internet Banking.
Free pay orders
Free call deposit
Fee waiver on the maintenance of an average monthly balance of 500,000

So if you wish to open a Young Bee account, visit your nearest summit branch with your child to apply.

Asaan Account:

You can also open an Asaan Account if you’re not the type of person to deal with the arduous intricacies of account opening documentations.

Open your Asaan Account with 100 PKR and the only documentation required is your CNIC.

Features of Asaan Account:

Free Visa Debit Card.
First Free Cheque Book (upon customer request)
4% per annum expected returns on Asaan Savings Account
Monthly payment (asaan savings account)
Free SMS alerts.
Free Internet Banking.
Free Online Banking
Option to avail Young Bee Debit Card, Dolmen Loyalty Card and Visa Prepaid Card.

Visit the Summit Asaan account page for clarification on terms and conditions required for asaan account.

In all, these are 4 accounts you can apply for at Summit Bank, if you feel interested, visit your nearest Summit branch to apply.

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