Best Banks to Open Accounts in for 2018 – 2019
Banking industry has grown manifold in the last two decades. When the government of Pakistan opened up the financial sector many foreign banks opened up their offices in Pakistan. Besides these foreign banks local investors came forward and invested in this industry.
Due to plethora of banks it is indeed a cumbersome task to select a bank that suits best. On the other hand, this also provides numerous options to choose from. Before selecting a bank a person first has to categorize his priorities and what kind of assistance he seeks from the bank and how the that bank account can favor him. The need of a business man will vary from that of a salaried person. Similarly, the needs of a housewife are quite different – she would prefer a bank account that helps her earn profit on her savings.
It is quite difficult to draw comparison between banks and arrive to a conclusion as to which is the best bank to open up an account. This largely depends on individual preferences and needs of a customer. Likewise, grading an Islamic bank with a conventional bank is also not advisable.
How to get best out of your bank account is described in below points, hopefully one of the opinions may suit your priority:
- If you are above the age of 60 and have been employed by any government or semi government department and receive pension it is beneficial to open up a bank account with National Bank of Pakistan or any such bank that is authorized to disburse pension
- Likewise, if you are an importer or an exporter opening up a bank account with any foreign bank such a Standard Chartered, Dubai Islamic, Faysal Bank, Deutsche Bank AG or Industrial and Commercial Bank of China Limited can be highly beneficial. Foreign banks have international correspondent relations and can negotiate your LCs rather more conveniently and, in less time
- It will be a lot more convenient for a trader to open his bank account in a bank which is in the vicinity of office or an outlet. UBL, HBL, MCB and ABL with their vast network of branches are good examples. This however cannot be the sole criteria, other benefits such as soft loan, cash advance or running finance facility offered by the bank for traders must also be considered as first priority
- Priorities of a young executive looking towards a bright future and a lifestyle are diverse. For him a bank that can offer credit card, auto loan, house loan down the line will suit best. Standard Chartered, MCB, Faysal Bank, UBL to name a few have large portfolio of consumer financing. Having a bank account in such banks will easy access to such consumer financing when needed
- There are hundreds and thousands of people who now prefer banking with institutions who offer Islamic products, the number of such people is growing rapidly. For such customers a halal, riba free Islamic mode of banking is available at Meezan Bank Ltd, Bank Alfalah Islamic, BankIslami Pakistan Limited should be the preference
- It is observed that most of the housewives open up a bank account with saving as the top priority in their mind. They therefore need to investigate the rate of interest or profit the bank offers to Profit and Loss Savings accounts. MCB Islamic Baking, UBL Islamic Banking, Meezan Bank Ltd and UBL claim to disburse the best return on the savings. These banks generally have many facilities which such as free cheque book and Pay Orders
- The older people usually look for a bank that can alongside their regular bank account can manage their investments. There are several conventional and Islamic banks who have numerous investment product in their portfolio. For such customers United Bank Ltd, Meezan Bank Ltd., Habib Bank Ltd., and Allied Bank are fair choices