5 Best Bank Accounts for Pakistani Students 2023

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State Bank of Pakistan

The State bank of Pakistan was established in the year 1984. After independence, it was the first bank established to serve the people. After that, things changed. It has been challenging for everyone to open an account in a bank. Anyone who has a recognized business can open an account. People with CNIC or any Identification proof issued by the Government can open an account. But it takes work for a student to open an account to save some money and use it for their needs. Many students use accounts to purchase online locally / domestically, or internationally.

Introduction of Asaan Account by SBP

State banks introduced a new type of account, the Asaan Account, for people without income proof. It is for students because students who do not have jobs or are under 18 can easily open this account. Students and people under 18 who do not have any income proof or don’t want to give income proof can go with this account.

A student of age under 18 needs a student ID card which must be up-to-date, but some banks require parents, guardians, or any other person who is in touch with you or has a relationship with you. You can open this account by going to the bank with your siblings having a CNIC, Passport, or any other Identification card. Students who are over 18 and have a CNIC card can easily open this account individually on their own. Immigrants can also open this account either by their CNIC (issued to some citizens by the Government of Pakistan) or with the immigrant’s Identity card issued by the Government of Pakistan.

Account in HBL Bank

Habib Bank was formerly a government-owned bank. The Government of Pakistan privatized it in the late ’90s or at the beginning of the 21st century. I am still waiting for confirmation that you can check it by googling. There is a reason why I placed it in the first number on this list. Even though this list is not made according to best scores but is based on my experience with these banks. I have used HBL, Mezaan, and MCB. Others are just based on others’ experiences.

HBL Asaan Account

It is very simple you just have to have a CNIC or Student ID and PKR 100. Go to the bank, talk to the Customer services officer, and open an account. That just how simple it is. In My Mind, it is not that simple. You don’t need RS. 100, you need more than RS.1000, to be exact, at least RS. 1500. It is stated on the official HBL website that you need 100 rupees, but this amount is the amount that you must have in your account so that your account must not be shut down or terminated.

Why do you need to deposit 1500? The real reason is that when you open an account and make a transaction, they send an SMS to your mobile number verified by the bank. It is necessary because if you make an online purchase, the bank first sends you an OTP (one-time passcode). This OTP is used to verify and confirm that you have verified this account, and the bank proceeds with the further transaction. On the other hand, you will get a debit card or ATM card.

ATM / Debit card

HBL issues a PayPak debit card on opening an Asaan account. And it is free for one year, and after one year you have to pay the charges, which are around 1100 rupees for one year. PayPak is accepted all over the country. It is accepted by some international websites, some specific websites where the PayPak logo appears. But you can purchase anything online within Pakistan, and it is offered free by HBL on opening your new Asaan account.

I chose HBL as no. 1 in this list because you get a free ATM/debit card for the first year. Their customer support is very well outstanding. I have no words to explain. Students need a bank account to purchase online using a debit card. This is the best bank if you can deal with something other than global websites. If you are saying “NO,” I need a debit card that supports international purchasing, then see the next one. OR read the next one. Meanwhile, in reply to the international session enabled card availing person, NEVER seen that one before.

You can only (have a credit) deposit of up to 500,000 PKR, and you can send more than this amount.

Account in Mezaan Bank

Mezaan Bank is an Islamic Bank. It is the best bank in terms of having Islamic rules. I recently visited Mezaan Bank to open an account, but it Turns out I didn’t open one because the information I provided needed to be corrected. But I have gathered all the information for you on the Asaan account. It is challenging to sit and talk comfortably with wearing a mask. I suggest you wear a mask because safety should be our priority, okay, I know that was not the topic for today, but it’s a good thing to remember.

Mezaan Asaan account

I visited the nearest branch of Mezaan Bank yesterday on the 22 of December. The CSO was a charming and kind person. He gave me a detailed overview of the Asaan account. So I am going to share that information with you.

There are two types of Asaan accounts mentioned below. Both types are almost the same. The only difference is that in a savings account, you get the profit that cannot be given to you in your current account. This profit is based on the amount you have in your account. The more money, the more profit. One thing, this profit is calculated daily. So you are getting profit daily. But they will cut the Zakat from it as it is an Islamic Bank. In the current account, there are no cuts.

Asaan current account

Anyone can open it, it is suitable for the student, as I am also a student so I know a student’s need. You can have up to RS—500,000 in your account.

Asaan saving account

Saving is similar to the current, but the Zakat is taken once a year. In this account, you can have a maximum of 500,000 Rupees.

It would be best to have your CNIC and 2500 PKR to open an Asaan account is Mezaan Bank. These are charges that you need to pay in any condition. RS. 1160 for ATM/debit card and RS. One thousand one hundred sixty for SMS alerts, and I have told the importance of SMS Alerts above in the HBL section.

ATM / Debit card

You will get either a MasterCard or Visa-secured ATM/debit card. These are the cards for enthusiasts to purchase online internationally. This can be used internationally and domestically. It is Pakistan’s first NFC-enabled card, according to Mezaan Bank, yet I still need to test it. NFC means “Near Field Communication” it is used to pay your payments by bringing the card near the payment machine. Not all system has this feature. It can only be used where NFC is enabled. In these cards, the internet session is automatically turned on. You don’t need to activate it manually.

Last but not least, in Mezaan Asaan Accounts, you get life insurance. This insurance could be up to 1 million PKR—no need to get insurance manually.

The remaining bank account information will be short because I need an account in the remaining banks.

Account in NBP

This account is straightforward almost in every bank. It is the Government that owns the bank. The account facilities will be suitable according to the website of NBP. You can check the information there.

NBP Asaan Account

You need your CNIC or student’s card to open it. Or your parents or guardians can open it for you.
The minimum amount you have to pay is 2000 PKR. They will issue an ATM card. Charges must be cut.

ATM / Debit card

MasterCard, Visa, Union Pay, and PayPak are the options. Go with MasterCard one, I don’t know why, but my opinion is MasterCard is the best. And it is ranked as the no. 1 worldwide.

Account in MCB

My friend told me about this bank and the account. He used to pay with MCB every time, though he uses a Mezaan account now. I will tell you why BELOW?

MCB Asaan Account

Basic requirements are the same for all banks in the paper. It would help if you visited a branch to learn about that bank’s policies. A CNIC with 2000 PKR is needed to open an account.

ATM / Debit card

MasterCard, Visa secured card is issued. Formerly, the services MCB provides were extraordinary, but nowadays, the bank turns these services off, which is why my friend is using Mezaan instead of MCB.
MCB used to issue virtual debit cards. They are still issuing these virtual cards. You can create a virtual card, either MasterCard or Visa.

Account in UBL

UBL was once the best-known bank for its services, but highs and lows are in everyone’s life.

UBL Asaan Account

CNIC and 2500 PKR are needed to open a brand new account. SMS and ATM charges are taken directly from your account once you deposit RS—2500.

ATM / Debit card

Every bank now issues ATM cards. Either a MasterCard or Visa is issued. But some banks also give you Union Pay or Pay Pak cards. It takes about ten days maximum to get your debit card delivered to you.

Virtual Cards are issued by almost every bank. It is useful where only debit cards are accepted for payments. Different banks have different limits for creating a virtual card. They either limit the number of virtual cards you can create or limit the amount stored in 1 virtual card. The minimum card balance should be 1200 PKR up to 250,000 PKR.