The recent surge in inflation has affected the purchasing power of people, forcing them to cut down on their expenses. In an effort to tackle the rising inflation, the central bank has increased the interest rate to reduce demand and make borrowing expensive for citizens.
This is why many people have been considering opening a savings account as they provide some sort of cushion against high inflation. In order to provide insight into these accounts, Graana.com, Pakistan’s smartest property portal, has shared the list of some of the best saving accounts in Pakistan.
List of Best Saving Accounts in Pakistan
When a central bank raises the interest rate, banks must adjust the profit rate to attract more clients. This incentive will encourage people not to spend the money they have in the open market. Essentially, the money you have in the bank will be worth less when you consider the inflation rate.
For instance, if the inflation rate is 5%, then in reality, you will lose money sitting idle in your account. This is why most people deposit money in savings accounts to negate the effect of inflation. The savings account isn’t likely to keep pace with the current inflation rate but can help reduce some impact of inflation on purchasing power.
Following are some savings accounts that provide better profit rates than other monthly saving accounts in Pakistan.
Average Bank Profit Rates in Pakistan
|Bank||Ticker||Profit Rate (%)|
|Standard Chartered Bank||SCBPL||19.50|
|Meezan Bank Ltd.||MEBL||3.97|
|MCB Bank Ltd.||MCB||3.61|
|United Bank Ltd.||UBL||3.82|
|Habib Bank Ltd.||HBL||4.75|
|Faysal Bank Ltd.||FABL||13.51|
|Bank Alfalah Ltd.||BAFL||9.75|
|Bank AL-Habib Ltd.||BAHL||6.70|
|Habib Metropolitan Bank Ltd.||HMB||7.35|
|Allied Bank Ltd.||ABL||5.40|
|Samba Bank Ltd.||SBL||0.00|
|Askari Bank Ltd.||AKBL||10.31|
|JS Bank Ltd.||JSBL||134.48|
|The Bank Of Punjab||BOP||30.21|
|National Bank Of Pakistan||NBP||6.98|
|Soneri Bank Ltd.||SNBL||58.46|
|The Bank of Khyber||BOK||243.93|
Please note that these profit rates are approximate and calculated based on the provided
Alfalah Kifayat Monthly Savings Account
This savings account from Bank Alfalah offers monthly profits and easy access to your savings with unlimited withdrawals and deposits from your account. In Alfalah Kifayat, there is a tier-based system where the individual with higher deposits will get higher profits. Some of the key features of this account are listed below.
- Payment of profit on a monthly basis
- Unlimited deposits and withdrawals every month
- The monthly saving account profit rate of 12.35% for deposits of Rs. 100 to 4.99 million and 12.75% for deposits of 5 million and above
- Availability of locker facility (subject to availability at relevant branch)
- Account opening with a deposit of just Rs. 100
Following are some of the benefits of opening an Alfalah Kifayat savings account:
- Monthly saving account profit calculation on the average monthly balance
- Higher returns on higher deposits
- Free monthly e-statements
- No requirement for a monthly balance
Eligibility for Opening Account
- Age limit of 21 to 60 years for salaried individuals and 21 to 65 for self-employed individuals/businessmen.
- Salaried individuals have to submit a copy of CNIC, proof of employment and a copy of the utility bill for account opening.
- Businessmen have to submit a copy of CNIC and proof of business to open a bank account.
UBL Mahana Aamdani Savings Account
United Bank Limited (UBL) is also offering the option of a savings account that provides an attractive rate of return to customers. This is suitable for individuals who want to get a competitive profit rate. Some of the features of this account are listed below.
- Unlimited withdrawals and deposits every month
- Tier-based account
- Higher rate of return
- Transactional flexibility
- Saving Account profit calculation on the monthly average balance in the account
Some of the benefits of the savings account are given below.
- No monthly minimum balance requirement
- Opening of account with just Rs. 100
- Free monthly e-statements
- Higher rate of profit for higher deposits
Eligibility and Required Documents
Following is the eligibility criteria for salaried individuals.
- Age limit: 21 to 60 years
- Copy of CNIC and proof of employment
- Age limit: 21 to 65 years
- Copy of CNIC and proof of business
Meezan Bachat Account
Meezan Bank is offering the best Islamic saving account in Pakistan to customers, with high monthly returns and the flexibility of withdrawing your savings. An Islamic savings account works differently from other savings accounts.
The customer and the bank enter into a relationship with the customer being the investor (Rab-ul-Maal) and the bank is the manager (Mudarib) of the money deposited in the account.
After depositing the funds, the bank adds the funds to the deposit pool, from which the bank distributes the funds according to the customer’s needs. The distribution of the funds has been done through Islamic modes. In this savings account, the bank will share 50% of the gross income and the other 50% of the income will be shared by the customer.
Some of the features of this account are listed below.
- Minimum deposit of Rs. 50,000 for account opening
- Calculation of profit on a daily basis
- A tier-based system with a saving account profit rate of 6.50% per annum for a minimum monthly balance of Rs. 1 to 4.9 lacs, and 6.84% for a monthly minimum balance of Rs. 5 lacs to 25 million or above
Below are some of the benefits of the Meezan Bachat account.
- Payment of profit on a monthly basis
- Easy account opening process
- No fee is charged for the issuance of a chequebook
To open the Meezan Bachat account, you have to fill out the account opening form and submit required documents, like a copy of your CNIC and proof of employment or business. Furthermore, you have to deposit a minimum of Rs. 50,000 as well to open the bank account.
Standard Chartered High Yield Savings Account
The savings account from Standard Chartered is an excellent option as it yields higher returns. It also offers more liquidity and is best for someone who wants flexibility in withdrawing funds. For your convenience, we have shared some of the features of the Standard Chartered savings account below.
- An attractive interest rate of 12.25% annual percentage rate (APR)
- Calculation of profit on daily balance that is paid on a monthly basis
- An initial deposit of Rs. 5 lacs is required
- Minimum average monthly balance of Rs. 5 lacs is required
Following are the benefits of depositing funds in a Standard Chartered high-yield savings account.
- Minimum balance of Rs. 5 lacs
- 12.25% APR on savings account
- Access to funds in the bank account 24/7 through online banking
- Copy of any utility bill addressed in your name to provide proof of residence
- Proof of employment and business
- Must be a Pakistani national
- Age of 18 years or above
All these accounts offer good returns to the customer. It is advised that you should use the profit from these savings accounts to invest in tangible assets like real estate that can help in negating the effect of high inflation.
To know more about the best saving accounts in Pakistan, visit Graana blog.
Which account is best for saving money in Pakistan?
The choice of the best savings account in Pakistan depends on your specific financial goals and needs. Traditional savings accounts are a safe option for easy access to your funds. If you’re looking for higher interest rates, consider high-yield savings accounts, but be aware of their minimum balance requirements.
Fixed deposits offer even higher rates but require you to lock in your money for a set period. Evaluate your financial objectives and choose the account that aligns with your savings goals.
Which bank is giving highest profit rate in Pakistan?
The bank offering the highest profit rate in Pakistan can change frequently due to market conditions. It’s essential to stay up to date by checking with various banks for their current profit rates on savings accounts and fixed deposits. Banks may periodically adjust their rates, so research and compare rates before making a decision.
Which bank account is best for saving?
The best bank account for saving money in Pakistan depends on individual preferences and financial goals. Traditional savings accounts are a safe and accessible choice, but for higher interest rates, high-yield savings accounts and fixed deposits are worth considering. Evaluate the interest rates, minimum balance requirements, and the liquidity you need for your savings to determine which account aligns best with your financial objectives.
Which bank gives daily profit in Pakistan?
: Some banks in Pakistan offer savings accounts with daily profit. These accounts typically provide a small profit based on your average daily balance. To find out which banks offer this feature and their current profit rates, you should contact the banks directly or visit their official websites for the most up-to-date information on daily profit savings accounts.