Transaction Limit for Asaan Accounts:
State Bank introduced Asaan Accounts which can be opened in any commercial bank for those low-income persons of the society wo do not have a formal proof of profession or source of income.
The opening of a bank account and access to banking facilities for such persons have been made easy by SBP for such low segments of the society through Asaan bank account.
Merely with the provision of identity documents, individuals can open their bank account with simplified due diligence and there is no requirement of providing and source of income documents.
Earlier the limits of debit transactions, credit balances and other facilities were in reduced manners as the target market was low-income persons. Now, these limits have been revised by SBP as per the below-given details.
Accounts namely Asaan Account and Asaan Remittance Account were introduced By SBP to extend benefits of financial services to unbanked/ under-banked segments of the population.
2. In this regard, in order to further expand the outreach of the aforementioned low-risk accounts, it has been decided to enhance the transactional limits for Asaan Account and Asaan Remittance Account. Revised limits shall be as follows:
a) Asaan Account
Transaction Limit for Asaan Accounts
- Total Debit per Month: Rs. 1,000,000
- Total Credit Balance Limit: Rs. 1,000,000
b) Asaan Remittance Account
- Maximum Credit Balance Limit: Rs. 3,000,000
- Cash withdrawal Limit: Rs. 500,000 per day
- Fund Transfer Limit: Rs. 500,000 per day to any other account
- Local Credit allowed: Rs. 1,000,000 per month
- No commercial remittance allowed
3. All other instructions on the subject shall remain the same.
Find more detail on SBP official website regarding Asaan Account