The Asaan Account is targeted at common people and is open to all low income unbanked/under-banked masses that face difficulties in account opening due to normal account opening requirements or lesser means. These segments of society may include but are not limited to skilled/unskilled work force, farmers, less educated/uneducated people, laborers/daily wagers, women/housewives, self employed individuals, pensioners, young adult population, students, Zakat Mustahqueen, widow, salary pension, benevolent fund grants etc.
Account Opening Requirements:
- The existing Basic Banking Account (BBA) can be converted to Asaan Account with the prior consent of the customer and terms and conditions of Asaan Account shall be conveyed to them. No service charges are to be obtained for conversion of BBA account into Asaan Account. For this purpose, the branch will take written consent for conversion of BBA account from the customer. Customer’s Signature on consent letter shall be verified by the branch with Specimen Signature Card.
- Account is to be opened only on the basis of positive verification of Nadra Verysis.
- One CNIC holder can open only one Asaan Account (Single or Joint) in a Bank.
- The Assan Account shall only be opened for Individuals either singly or jointly.
- The Assan Account shall only be opened in Pak Rupee.
- Current or Saving account can be opened for Asaan Account.
- Preferably ATM card will be issued to Asaan Account. Cheque book may also be issued however it is to be delivered to the customer on his/her visit to the branch only.
- It shall be noted that initially there is no need to take cheque book requisition slip and ATM card issuance request separately as the same provision is provided in the Asaan Account Opening Form by ticking it. However E-mail request to the ATM Department and cheque book requisition through portal is to made same day without any fail.
- Cheque book will be handed over to the customer once NADRA verisys or biometric is confirmed.
- These accounts are Low Risk Accounts.
- The Asaan Account shall be opened with minimum balance of Rs: 100 as initial deposit. ((i) Mustahkeen of Zakat, (ii) Students, (iii) Employees of Government or Semi Government institutions for salary and pension purposes (including widows/children of deceased employees eligible for family pension/benevolent fund grant, etc. and other similar types of accounts are exempted from initial balance requirements).
- Minimum balance maintenance requirement/ Service Charges are not applicable on Asaan Account.
- Account closing charges shall not be obtained for Asaan Account.
- In case closing balance is equal or above Rs: 10,000/-, the Statement of Account will be dispatched twice in a year i.e. in July and January or otherwise once in a year.
- No account in the name of business or entity is to be opened.
- Deposits shall be accepted in the branch only. No officer is allowed to receive deposit including initial deposit outside the branch premises.
- Existing Regular Account holder cannot open the Asaan Account.
- Asaan Account cannot be opened by non-residents or foreign nationals.
- The branches can open Asaan Account on the basis of Pension book or Passport by verifying the CNIC number mentioned on Pension Book or Passport from NADRA verisys.
- Asaan account cannot be jointly opened with non-resident or foreign nationals.
- Asaan account cannot be jointly opened with already existing account holder having regular account.
- Existing Asaan account holder is not allowed to open another Asaan or regular account in the bank.
- Politically Exposed Persons (PEP’s) are not allowed to open Asaan Account.
- In the account title for Asaan Account in Ubank Plus the word “Asaan Account” is to be incorporated.
- No cross border outward transactions are allowed in Asaan Account except Card Based transactions (ATM Card) having international acceptance.
- Term Deposit Receipts/ Riba Free Certificate are allowed to be issued from Asaan Account but the account balance and TDR balance will be clubbed for calculating total credit balance limit.
- Asaan Account Opening form has provision for joint account having two applicants, in case the number of applicants increase the branch may use copy of Asaan account opening form as an additional sheet.
- The Asaan Account can only be opened by Bank’s Permanent Staff outside branch premises by visiting customer’s places.
- The Branch Manager will nominate the staff member(s) who will be authorized to open Asaan Account by visiting customer’s places and the same will be incorporated in authorized staff member Job Descriptions.
- The authorized staff member will be required to fill the Customer Visit Report for Asaan Account duly signed by him/her.
- To confirm account genuineness, the Branch Manager or Manager Operations or Account Opening Officer will call the customer for verification and will note down the contact number, date & time of call on the visit report.
- Total Monthly Debit per Calendar Month =Rs: 500,000/- is allowed.
- Total Credit Balance Limit (Closing balance in a day) = Rs: 500,000/- is allowed. (Account Deposit + TDR/ RFC amount)
- In case above transactional threshold breaches, the account will be marked as debit block however credits will be allowed in-case;
- Credit transactions beyond total credit balance limit of Rs. 500,000 in case of foreign inward remittances in Asaan Account subject to proper analysis of transaction and evaluation of risk a and the branch will be required to obtain approval of Compliance Division and will keep proper evidence of such transaction in record by not changing the account status. Moreover, if KYC report of these accounts shows breach status for said transaction then value is to be increased and then reverted again to its original value with the prior approval of Compliance Division.
- Total credit balance limit of Rs. 500,000 is for customer transaction. Bank internal transaction will not be included/ clubbed with this threshold like profit on deposit, reversal of any charges etc.
- Bank charges, government taxes or levies and instructions issued under any law or from the court will not be subject to debit or withdrawal restriction beyond total debit per month limit of Rs. 500,000.
- Current Ubank Plus shows cheque return in inward/ outward clearing amounts in the customer account statement in both sides i.e. debit and credit. This will be excluded from credit balance limit and debit transaction limit in a calendar month.
- Customer contact number must be written on Deposit Slip so that in case of need Customer could be contacted.
- Bank and Customer copy of the Deposit Slip bear the identical Serial Number.
- The details on both copies i.e. Customer copy and Bank copy of the Slip are identical in all respects.
Application of Schedule of Charges:
50% concession will be allowed over the published schedule of charges on the entire bank