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How to open an account in Bank AL-Habib

Avatar Written by Abdul Raffay · 2 min read>

Bank AL Habib is one of the premier banks in Pakistan which is run by the Dawood Habib family group, founded in 1991 by Esmail Habib. The bank has a total of 650 branches across the country (includes conventional, Islamic and sub-branches) with offshore branches in Bahrain and turkey.

Being granted permission by the privatization scheme act of 1991, the Habib family were the first ones to open a private bank in Pakistan i.e Bank AL-Habib.

The bank also provides an array of different internet banking services and benefits to its valued customers. As Bank Al-Habib states;

“Bank AL Habib is pleased to inform you that it is upgrading its Internet Banking facility to provide you with even more innovative features and banking convenience. Bank AL Habib iBanking is a simple and convenient application with a user-friendly interface that will help you to conduct your financial and non-financial transactions with ease.”

How can you apply for internet banking?

To make use of Bank AL-Habib’s internet baking services, you need to:

  1. Have a Bank Al-Habib account.
  2. Register for the bank’s internet banking services.
  3. Need a computer or laptop with an internet connection.

But if you don’t have an account which is the number one requirement for making use of iBanking, you can not benefit from Bank Al-Habib’s internet banking services.

To help you apply for an account, we will be sharing three types of account you can open at Bank AL-Habib.

Types of accounts:

  • Current account
  • Savings account.
  • Young savers account

Current account:

To apply for a current account at Bank Al-Habib, you need to collect some documents which will be mentioned below, but first, let’s talk about the different types of people who can apply for the current account and their respective age limit.

Types of people:

  • Working individual (Age limit: 21 to 60 years old)
  • Entrepreneur (Age limit: 21 to 65 years old)

Working Individual:

To apply for a current account as a working individual, get the following documents to the bank:

  • CNIC
  • Proof of employment (provided by your employer)
  • Copy of utility bills.

Entrepreneur:

Entrepreneur or businessmen need not bring a copy of their utility bills, they only need to deliver their:

  • CNIC
  • Proof of business

When you have these documents, you can make your way to the bank where the banker might give you some other mandatory forms to fill which will include a minimum fee of 1000 PKR for account opening.

There is no required amount of balance to preserve in your account to avoid being levied.

Features of current account:

  • SMS alerts for all transactions above 25000 PKR.
  • Free ATM cards and cheque books on account opening.
  • no requirements to maintain a minimum monthly balance.
  • Free online banking through any branch across the country.

Savings account:

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Opening a savings account is much similar to that of opening a current account. There are again 2 types of individuals who can apply for this account.

Types of people:

  • Employed workers (Age limit: 21 to 60 years old)
  • Entrepreneurs (Age limit: 21 to 65 years old)

Employed worker:

As an employed worker, you need to bring the following documents to the bank to open a savings account

  • CNIC
  • Proof of employment (provided by your employer)

Entrepreneur:

If you own a business or have your own start-up, make sure to bring your,

  • CNIC
  • Proof of ownership of your business.

After providing these documents, you also need to submit a minimum fee of 1000 PKR for account opening, while there is no requirements to maintain a minimum balance to avoid tax deduction.

The annual fee for both current and savings account is 1000 PKR while the only difference between the 2 accounts is that the saving account contains a 5.5% annual equivalence rate (AER)/interest rate.

Features of savings account:

  • SMS alerts on all transactions.
  • Free iBanking.
  • Free e-statements.
  • Interest rate proportional to deposit amount.
  • Profit payment frequency on half a year basis.

Young savers account:

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You can also open a young savers account if you’re a minor up to the age of 18.

To open a young savers account, you need to fill in the application form which will be provided to you at the bank or you can fill it at home from this link.

Visit the nearest Bank Al-Habib branch with your parents to open your young savers account with as much as 5 PKR.

Features of young savers account:

  • Rate of return is greater than that of your normal savings account.
  • Savers as young as 16 will be entitled to receive YSA EMV debit cards, meaning they can withdraw money from ATMs and carry out pin based POS transactions under parents permission(up to 3000 PKR).
  • This savers account will be changed to your savings account as you turn older than 18.

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