Category: Bank Accounts

What is a Bank Account?
A bank account is a financial account with a banking company, recording the financial
transactions between the customer and the bank and the resulting financial position of the
customer with the bank. It is an arrangement whereby you may place your deposit under the
safekeeping of your bank or deposit taking financial institutions. The bank as financial
intermediary channelize these funds in productive resources and banks may pay remuneration
out of profit they earn on your deposits. Bank accounts can help you manage your everyday
money.

Types of Bank Accounts

Banking institutions may offer a broad range of bank account types. By learning different
account categories, you can work out the choices that suit your personal needs.

Basic Banking Account (BBA)

In order to broaden the access of financial services to under privileged and to facilitate and
provide basic banking facilities to the low income people in Pakistan, all commercial banks
offer Basic Banking Accounts (BBA) facility. The main features of this account are:

Mandate-Authority in Bank-Account