The recent surge in inflation has affected people’s purchasing power, forcing them to cut down on their expenses. In an effort to tackle rising inflation, the central bank has increased the interest rate to reduce demand and make borrowing expensive for citizens. If you want to explore the Best Saving Accounts in Pakistan, keep reading.
This is why many people have been considering opening a savings account, as they provide some sort of cushion against high inflation. To provide insight into these accounts, Graana.com, Pakistan’s smartest property portal, has shared a list of some of the best savings 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, your money in the bank will be worth less when considering 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.
Some savings accounts provide better profit rates than other monthly savings accounts in Pakistan.
If you are looking for the best bank account in Pakistan with good profits, keep reading.
| Bank | Ticker | Profit Rate (%) |
|---|---|---|
| Standard Chartered Bank | SCBPL | 19.50 |
| Bankislami Pakistan | BIPL | 25.02 |
| 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 |
| SilkBank Ltd. | SILK | 0.00 |
Please note that these profit rates are approximate and calculated based on what is provided.
| ank | Profit Rate (%) | Key Features | Minimum Deposit | Monthly Balance Requirement | Eligibility Criteria |
|---|---|---|---|---|---|
| Standard Chartered Bank | 19.50 | High yield, daily profit calculation, liquidity | Rs. 5 lacs | Rs. 5 lacs | Pakistani national, 18+ years, CNIC, utility bill, proof of employment/business |
| Bankislami Pakistan | 25.02 | Shariah-compliant, daily profit calculation, high returns | Rs. 50,000 | Rs. 1 to 4.9 lacs: 6.50%, Rs. 5 lacs to 25 million: 6.84% | Pakistani national, CNIC, proof of employment/business |
| Meezan Bank Ltd. | 3.97 | Islamic savings, profit-sharing model, monthly returns | Rs. 50,000 | No specific requirement | Pakistani national, CNIC, proof of employment/business |
| MCB Bank Ltd. | 3.61 | Competitive profit rate, unlimited withdrawals and deposits | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| United Bank Ltd. (UBL) | 3.82 | Mahana Aamdani savings, competitive returns, transactional flexibility | Rs. 100 | None | Salaried: CNIC, proof of employment; Business: CNIC, proof of business |
| Habib Bank Ltd. (HBL) | 4.75 | Attractive returns, easy access to funds | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| Faysal Bank Ltd. | 13.51 | Higher returns, easy withdrawals and deposits | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| Bank Alfalah Ltd. | 9.75 | Monthly profit, unlimited transactions, tier-based profit rates | Rs. 100 | None | Age: 21-60 (salaried), 21-65 (business), CNIC, utility bill, proof of employment/business |
| Bank AL-Habib Ltd. | 6.70 | Competitive returns, easy access | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| Habib Metropolitan Bank | 7.35 | Competitive returns, unlimited transactions | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| Allied Bank Ltd. | 5.40 | Reliable returns, easy account management | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| Askari Bank Ltd. | 10.31 | Higher returns, flexible transactions | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| JS Bank Ltd. | 134.48 | High returns, comprehensive account features | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| The Bank Of Punjab | 30.21 | High returns, flexible account management | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| National Bank Of Pakistan | 6.98 | Competitive returns, easy access | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| Soneri Bank Ltd. | 58.46 | High returns, flexible transactions | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| The Bank of Khyber | 243.93 | Highest returns, comprehensive account features | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
| SilkBank Ltd. | 0.00 | Basic savings features | Rs. 100 | None | Pakistani national, CNIC, proof of employment/business |
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.
Following are some of the benefits of opening an Alfalah Kifayat 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.
Some of the benefits of the savings account are given below.
Following is the eligibility criteria for salaried individuals.
Salaried Person:
Businessmen:
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.
Below are some of the benefits of the Meezan Bachat account.
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.
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.
Following are the benefits of depositing funds in a Standard Chartered high-yield savings account.
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.
Here are some frequently asked questions:
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.
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.
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.
: 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.
Qaumi Bachat Bank profit rate for Behbood Savings Certificates from April 2024 is 15.6%.
Calculating monthly interest on a fixed deposit is easy! Let’s say you have a Rs. 100,000 deposit with a 7.11% annual interest rate. To find the monthly interest, simply divide the yearly interest rate (7.11%) by the number of months in a year (12). This gives you an approximate monthly interest of Rs. 592.50.
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