The Best Bank for Students in Pakistan

There are many best Bank for students in Pakistan. Find out below.

A bank is an institution that accepts money (funds) from customers (like You) and uses them to give loans
and other finance-related services. All Banks are controlled and regulated by the government of the state.
These government authorities are responsible for the safety of money depositors in the bank. The state’s central bank directs all the banks and gives them the pathway to operating in the country.

Banks provide different services to their customers. When we have an account in any bank, we get a check, a credit or Debit card. We get loans for business and also for personal needs. We also use banks to transfer money to other or relative accounts. We get currency exchange and mutual funds. All of these are services that banks provide.

Banks play an essential role in the economy as they help the government provide loans and help the youth provide personal and business loans. Banks also finance huge businesses and help them grow. All of these then supply the country’s economy.

Now you have got to know what banks are and how they work. let’s move on to our today’s leading topic and which is the best bank account for students in Pakistan.

Why do you need a student account? Or Why should students need a bank account at all? Well, whenever you visit a bank for an account opening, you need a lot of documents, and you get inquired about and interrogated a lot too. Those are the processes that the bank services officers must follow.

When you open a student or Asaan account, You only need your CNIC and some college or university documents. You only get a few inquiries. And also, the initial deposit is minimal compared
to non-student accounts.

The second reason students need a bank account is to safeguard their money. When you open an account, you deposit all your money to your account and use them accordingly.

With a bank account, you can use your money anytime, anywhere, without carrying physical cash. You can use debit or credit cards to use your money. Bank also provides bank statements that allow you to track your spending and help you better manage your expenses next time.

You can also pay bills online, like your internet bill and mobile account. You can pay your institution fee. You don’t have to stand in enormous lines and wait for your number to pay it. You can pay online on your mobile phone. Banks also provide personal loans to their account holders.

The Best Bank for Students in Pakistan

Meezan Bank is the best bank for students in Pakistan. Meezan Bank offers the Meezan Asaan Account that combines accessibility, Islamic banking principles, and student-friendly features. These features include; low fees, easy account opening, convenient access to ATMs and online banking services, ensuring a seamless and hassle-free banking experience for students. Meezan Bank’s Asaan account allows students to focus on their academic pursuits while managing their finances responsibly. More about Meezan Bank Asaan account below.

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Services that the banks Provide

When you open an account in a bank. You get the facility to use internet banking, Debit or credit cards. Students sometimes get free debit cards. Students also benefit from a minimum of 100 rupees or no (zero) cash deposit in their accounts. With students, you get educational loans and significant discounts, and various offers.

In Pakistan, many banks offer student accounts. But how do you choose one out of many? Don’t worry; we are here to help you with that.

If you are a student, having a bank student account helps you manage your finances and make transactions easier. So following are the best bank accounts for students in Pakistan.

These recommendations are based on my experience; you can choose any bank.

1. Habib Bank Limited (HBL)

HBL is the oldest and earliest bank in Pakistan. It is also the most established bank in Pakistan. HBL has the most number of branches and ATMs. It is also well established Multi-National bank. HBL operates in the USA, Europe, Australia, Other Asian countries, and the Middle east. HBL was founded in 1941 with the emergence of Pakistan, and its headquarters is in Karachi.

HBL student accounts:

HBL can be considered as best Bank for students in Pakistan. There are two types of Asaan accounts that HBL provides and almost every other bank. Asaan account was made public by the state bank of Pakistan. SBP is the regulatory authority of banks in Pakistan. The two Asaan accounts are; Asaan Current Account and Asaan Digital Account.

HBL Asaan Account

HBL Asaan account is not a savings account but a current one. Hence you can’t earn any profits against your deposits in the bank.

Features

• The amount of cash you need at account opening in PKR is 100.
• You can keep any minimum amount in the account you want.
• The maximum amount limit in your account in PKR is 1,000,000.
• ATM or Debit Card is free for the first year. The bank will provide a PayPak debit card.
• The bank will provide a free checkbook.
• The applicant should be Pakistani.

Documents Required

• CNIC is only for applicants above 18 years old.
• If you are not 18, You need your B-Form copy and your Guardians/Parent’s CNIC copy.
  You also need a student ID card or Birth Certificate.

2. Meezan Bank Limited (MEBL)

Meezan Bank is an Islamic Bank of Pakistan. Meezan Bank was founded in 1997 and had headquarters in Karachi. Meexan Bank has a presence in the middle east and Oman.

Meezan bank is also part of the global bank network that provides better banking and sustainability.

Meezan Asaan Account

In my opinion and experience Meezan Bank is the best bank for students in Pakistan due to the features Meezan Asaan account provides and the services the bank as a whole provides.

Asaan Savings account

In savngs account uou get profit against your depsoit in meezan asaan savong account. You will get the profit in your account either annually or monthly.

Features

• Minimum deposit of Rs. 100
• Free cheque Book and free pay orders.
• The bank will provide Meezan Visa debit card by default, which is not free. The best thing about this card is that it is accepted globally, while other banks offer cards that are not accepted globally.
• A maximum Balance of Rs 1,000,000 is allowed.

Asaan Current Account

With a current account, you don’t earn any profit against your deposits.

Features

Same as the Asaan savings account.

Meezan Teens Club Account

Meezan bank also provides a Teens Club account. It is a savings account in which you get profit every month.

Features

• Only for teens of age 12-18 years.
• Minimum deposit of rupees 1000 at the time of account opening.
• Free personalized Visa debit card. Free pay orders and personalized checkbooks.

Document to Bring

• Your valid CNIC, if above 18.
• Form-B copy along with your parents/guardian’s CNIC copy, if below 18

3. Allied Bank Limited (ABL)

It was opened in 1942 in Lahore before the appearance of Pakistan on the Globe. The Allied bank headquarter is situated in Lahore. Allied bank has subsidiaries and regional offices in different countries like UAE, Bahrain, and other Middle East and Asian countries.

Like other banks, Allied Bank also provides Asaan accounts. The unique thing about Allied bank is that it also provides Allied Youth Asaan Account.

Allied Asaan Account

Any individual can make an Asaan account. Students should prefer an Asaan account because it doesn’t require too many documents, just your CNIC.

Features

• You can open both current and savings accounts.
• There is no minimum balance requirement.
• You get Allied UPI and PayPak Debit Cards. These are free.

Documents are required

• These are the documents that every bank requires.
• Your National ID card. If Above 18 years.

Allied Youth Asaan Account

It is a current account. You don’t earn profits on this account. It is best suited for individuals in the age group of 18-35. The allied bank officially mentions this age limit. Currently, Allied bank provides the best Bank for students in Pakistan thanks to their Youth Asaan account.

Feature and Benefits

• You get a branded Allied Youth Debit Card.
• All free online banking services.
• You can send money to any person who has a valid CNIC.
• Two free transactions per month.
• Transfer of fee to your institution without any balance deduction.
• You get free Accidental coverage of Rs. 500,000.

Documents Required

The bank requires your CNIC card and other documents according to your status.

4. United Bank Limited (UBL)

UBL was first established in 1959 with a headquarter in Karachi—one of the fastest-growing banking networks in Pakistan with some international presence. UBL provides Asaan Digital and Current accounts.

Documents Asked for:

• Your only Valid CNIC. That’s all you need, nothing else.

Features:

• No initial deposit where, as other banks require a minimum deposit of Rs. 100
• When biometrics is required, and your phone doesn’t have a Fingerprint sensor, you can go to the nearest UBL atm and verify fingerprints through the atm.
• And lastly, 24/7 online banking is made easy by UBL mobile banking app.

5. National Bank of Pakistan (NBP)

The national bank of Pakistan is a product of the State Bank of Pakistan. It is a state-governed bank. NBP was founded in 1949. It has a headquarters in Karachi. NBP also operates in different regions of the world as it is a Multi-National Bank. Like other banks, NBP also provides mobile banking and online banking facilities to its customers.

NBP Asaan Account

NBP offers Asaan current and Asaan savings accounts per the customer’s choice.

Documents Required:

• ID card issued by NADRA.
• The account holder must deposit a minimum of 100 rupees at the time of account opening.

Features and Benefits:

• Internet banking facility. Debit cards are available upon account opening.
• No minimum balance requirement at all.

6. Bank Alfalah

Bank Alfalah is a well-established bank in Pakistan and better than most banks despite its late appearance in Pakistan in the year 1997. Bank alfalah has a headquarter situated in Karachi. Bank alfalah has one of the best customer support and is one of the largest commercial banks in Pakistan.

Alfalah also provides Asaan accounts to its customers. Alfalah currently does not offer an Asaan savings account but offer a variety of other accounts. When it comes to choosing a best Bank for students in Pakistan, Alfalah stays in my list of choice. You can contact the bank for more information and they will clear all doubts and answer all your queries.

All banks have the same eligibility criteria and almost similar features and benefits. Bank Alfallah follows the same policy and procedure as other banks do.

What do all Banks require at Account Opening?

• Photos (back and front) of Your CNIC must be on your mobile phone.
• You need to have a copy of your Signature.
• Having the mobile number you used when NADRA created your CNIC would be best.
• Using a laptop or PC, you need a working mobile camera or webcam.
• Biometrics are done at ATMs by UBL and some other banks.

All banks have this policy that you must be 18 or older. Some banks also have other account types that don’t require CNIC just your Form-B and Parents or Guardian’s CNIC.

Bottom Line

By comparing features and services, we can suggest that the Meezan Bank is the best Bank for students in Pakistan. You can choose any bank you want. If you are a student at college or university and do not have a job or income proof or want to open an account with ease, try out Asaan accounts offered by various banks across the country. Note that the banks mentioned above are based on my experience.