You can also make a profit from certain accounts
It is easy to open a bank account. But which one to open is a question that leaves many people confused. The process becomes more complicated when profit is involved.
Young adults can open their accounts with Rs100 and are required to visit the bank with parents or guardians. They need to submit copies of their birth certificate, parent’s CNIC, and a salary slip.
If you want to save money, opening a current account is the best option. This is a non-profit account and is exempted from Zakat deductions.
Savings accounts are meant for securing your savings. This type of account gives you profit every month on the deposited amount.
Zakat is deducted from savings accounts annually. For an exemption, you need to submit a CZ-50 [declaration form] in the bank.
Asaan Account is for labourers and students who want to save money from their expenditures. You need to submit the copy of your CNIC.
Term Deposits are the type of accounts where you can fix money into your account and earn profit out of it. You can either take the profit monthly or withdraw it all together.