Q-1 Can Non-residents and foreign nationals open Asaan account?
Answer: No, Asaan Account is for resident individuals only, others can open regular account.
Q-2 Are outward remittances allowed in Asaan Account?
Answer: No, However international transactions through debit card shall be permitted within the applicable limit of Rs. 500,000.
Q-3 Are there any restrictions on debit and credit transactions, If so, what restrictions are applicable?
Answer: The limit for maximum total monthly debit and maximum credit balance limit in this account will be Rs. 500,000/- or as revised by SBP. These limits will be strictly followed but will be subject to exceptions as defined by SBP. At present, these exceptions are as follows:
- Credit transactions beyond credit balance limit of Rs. 500,000 will be allowed in case of inward remittances provided they qualify for the risk assessment criteria of the bank.
- Credit of any profit/ return on deposit in the Asaan Account beyond total credit balance limit of Rs. 500,000 will be permitted.
- Bank charges, government taxes or levies and instructions issued under any law or from the court will be permitted and will not be subject to debit or withdrawal restriction beyond total debit per month limit of Rs. 500,000.
Q-4 If a TDR is issued against an Asaan Account, will this TDR amount be considered when calculating the total credit balance in the said Asaan Account?
Answer: Yes, If Term Deposit Receipt (TDR) is to be issued from Asaan Account, the amount lying in TDR will be clubbed with the balance available in Asaan Account for calculating total Credit balance.
Q-5 Is the same procedure and documents required for opening of Asaan account s in case of regular account?
Answer NO, The procedure for opening of Asaan Account is easier and only copy of CNIC and minimum deposit of Rs. 100 is required along with account opening form to open an account. In addition, there is no requirement for letter of thanks and proof of income.
Q-6 If a person has regular account with NBP, will he/ she be open Asaan Account?
Answer: No. Regular account holders will not be permitted to open an Asaan account as this product is designed for the unbanked segment of the society.
Q-7 Can bank demand more than Rs 100 for opening Asaan Account?
Answer: No. Asaan Account will be opened with minimum balance of Rs. 100. It depends on the person if he/she wants to deposit more than 100 in his/her account.
Q-8 If a person has opened an Asaan Account with NBP, will he/ she be able to open a regular account?
Answer: No Asaan account holders will not be able to open a regular account and shall be able to do so only after converting their Asaan account into a regular account.
Q-9 Can Asaan accounts be opened jointly?
Answer: Yes, however the number of participants will not exceed 2.
Q-10 Will the account be activated for debit transactions immediately after it is opened?
Answer: No, Account will be opened instantly however activation will be restricted for Debit transactions until NADRA Verification is completed.
Q-11 Are there any free services available for Asaan account?
Answer: Yes, one time ATM card and a 25 leaf cheque book will be issued free of cost in addition to one free online transaction per month.
Q-12 Will minors be able to open Asaan account?
Answer: Yes, In case of Minors the account will be opened against Form B and other appropriate documents along with documents of guardian and Bank will act on the instructions of the guardian unless contrary instructions have been received from the guardian or an appropriate authority.
Q-13 Are the conditions for account being marked as dormant or inoperative same as in case of regular accounts?
Answer: Yes, these conditions will be the same for Asaan Savings and Current Account as in case of regular PLS and current accounts .
Q-14 In case of negative NADRA verification / Call centre verification, how will the initial deposit amount be refunded to the customer?
Answer: The customer will have to visit the branch to claim their initial deposit account in such an instance.
Q-15 Since Asaan Account can be opened by a range of identity documents such as Passport, Pension Book etc. , can a customer open more than one account by furnishing different identity documents in different instances?
Answer: No, the unique identifier will still be CNIC number and the customer will not be able to open more than one Asaan account.
Q16 If a customer lodges a cheque in clearing resulting in breach of their monthly debit limit of Rs 500,000/-, will this cheque be dishonored?
Answer: Yes, the cheque will be dishonored as per product policy.