How to open account in Allied Bank? Services and Account types
Allied Bank is a commercial bank in Pakistan. It was founded in 1942 and is headquartered in Lahore, Pakistan. The bank offers a wide range of banking and financial services including personal and corporate banking, credit cards, online banking, and investment services. It has a network of over 1,300 branches across Pakistan and also operates internationally, with branches in the Middle East and China. The bank is publicly traded on the Pakistan Stock Exchange.
Services of Allied Bank
Allied Bank offers a wide range of banking and financial services to its customers, including:
- Personal banking: The bank offers various personal banking products such as savings and current accounts, fixed deposits, and personal loans.
- Corporate banking: The bank provides a range of services to corporate customers, including trade finance, working capital finance, and project finance.
- Credit cards: Allied Bank offers various credit card options such as Visa, MasterCard, and UnionPay.
- Online banking: The bank provides an online banking service that allows customers to manage their accounts, transfer funds, and pay bills online.
- Investment services: The bank offers investment services such as portfolio management and securities trading to help customers grow their wealth.
- Foreign exchange services: The bank provides foreign exchange services to help customers make international transactions, including foreign currency accounts, remittances, and foreign currency drafts.
- Insurance services: The bank offers insurance solutions such as life, health, and motor insurance to its customers.
- Islamic banking: The bank also offers Islamic banking services, which are compliant with the principles of Shariah.
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How to open account in Allied Bank?
To open an account with Allied Bank, you will need to follow these steps:
- Gather the required documents: You will need to provide some personal and identification documents, such as your CNIC, passport, or driving license. You will also need to provide proof of address, such as a utility bill or a lease agreement.
- Visit a branch: You can visit any Allied Bank branch in Pakistan to open an account. You can find the nearest branch using the bank’s online branch locator tool.
- Fill out the application form: You will be required to fill out an account opening form, providing your personal and contact information, as well as other details as required by the bank.
- Submit the required documents: You will need to submit the required documents to the bank along with the application form.
- Complete the verification process: The bank will verify your documents and information, and may conduct a credit check if you are applying for a loan or a credit card.
- Fund your account: Once your account is open, you will need to fund it with an initial deposit.
- Activation: Once the account is funded and all the documentation is verified, you will receive your account number and other details on how to activate your account.
It’s worth noting that the bank may have different account opening process for different types of accounts and may have different documentation requirement for different account types.
Islamic Banking through Allied Bank
Allied Bank offers Islamic banking services, which are compliant with the principles of Shariah. This is a separate division within the bank that operates in accordance with the principles of Islamic finance.
Islamic banking products offered by Allied Bank include:
- Murabaha: A cost-plus financing where the bank purchases a commodity and sells it to the customer at a marked-up price.
- Ijarah: A leasing agreement where the bank purchases an asset and leases it to the customer for a specified period of time.
- Musharaka: A joint venture agreement where the bank and the customer jointly invest in a project, and share in the profits and losses.
- Mudaraba: A profit and loss sharing agreement where the bank acts as the provider of funds and the customer acts as the manager and entrepreneur.
- Sukuk: A form of Islamic bond that is compliant with the principles of Shariah.
- Islamic Deposit Accounts: The bank offers various types of deposit accounts that are compliant with the principles of Shariah, such as Al-Wadiah Current Account, Al-Mudharabah Deposit Account, and Al-Musharaka Deposit Account.
These products are similar to the conventional banking products, but are structured to be compliant with Islamic laws and principles. It is always advisable to seek advice from the bank’s Islamic banking experts or a Shariah scholar before making any decision.
Types of Accounts in Allied Bank
Allied Bank offers a variety of different types of accounts to meet the diverse needs of its customers. Some of the common types of accounts offered by the bank include:
- Savings Account: This is a basic account that allows customers to deposit and withdraw funds, and earn interest on their deposits.
- Current Account: This is a transactional account that is typically used by businesses and organizations to manage their daily cash flow.
- Fixed Deposit Account: This is a time deposit account that allows customers to deposit funds for a fixed period of time, typically ranging from 1 month to 5 years, and earn a higher rate of interest than a savings account.
- Student Account: This is a special account designed for students that offers special benefits such as lower minimum balance requirements and reduced service charges.
- Foreign Currency Account: This is an account that allows customers to hold and manage funds in foreign currencies.
- Islamic Banking Accounts: The bank offers various types of Islamic banking accounts that are compliant with the principles of Shariah, such as Al-Wadiah Current Account, Al-Mudharabah Deposit Account, and Al-Musharaka Deposit Account.
- Senior Citizen Account: This is an account designed for senior citizens, offering special benefits such as higher interest rates and reduced service charges.
The bank may also offer different types of accounts for different segments of customers, such as for youth, pensioners, and for special purpose accounts. It’s always recommended to visit the bank’s website or contact the bank directly for the most up-to-date information on account types and their requirements.
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Types and limits of Allied Bank Credit and Debit Cards
Allied Bank offers a variety of credit and debit card options to its customers, with different features and limits depending on the type of card.
- Debit Cards: These cards are linked to a customer’s savings or current account, and can be used to withdraw cash from ATMs or make purchases at merchants that accept the card. The bank offers various types of debit cards including MasterCard, Visa, and UnionPay debit cards.
- Credit Cards: These cards allow customers to borrow funds up to a certain limit, and pay back the borrowed amount over time. The bank offers various types of credit cards including MasterCard, Visa, and UnionPay credit cards.
The limits of the credit and debit cards will depend on the type of card, the customer’s creditworthiness, and the amount of funds available in the linked account. The limits for credit cards can be as low as PKR 50,000 to as high as PKR 2,000,000. The limits for debit cards can be as low as PKR 50,000 to as high as PKR 500,000.
In addition to that the bank may also have different types of credit and debit cards with different features, such as rewards programs, cashback offers, and insurance coverage. It’s always recommended to visit the bank’s website or contact the bank directly for the most up-to-date information on credit and debit card types, limits, and their requirements.
Allied Bank Loan
Allied Bank offers a variety of loan products to its customers, including personal loans, business loans, and car loans.
- Personal Loans: The bank offers unsecured personal loans to its customers for a variety of purposes such as home renovations, medical expenses, and education. The loan amounts can be as low as PKR 50,000 to as high as PKR 5,000,000 with flexible repayment terms.
- Business Loans: The bank provides various types of business loans to help entrepreneurs and small businesses grow their operations. These loans can be used for working capital, expansion, or the purchase of equipment and vehicles.
- Car Loans: The bank offers car loans to help customers finance the purchase of a new or used car. Customers can choose from a variety of repayment options and enjoy competitive interest rates.
The bank may have different loan products for different segments of customers, such as for women entrepreneurs, farmers, and for special purpose loans. The loan amount, interest rate, and repayment terms will depend on the customer’s creditworthiness, income, and the type of loan. It is always recommended to visit the bank’s website or contact the bank directly for the most up-to-date information on loan products, interest rates, and their requirements.
Allied Bank Helpline
Allied Bank provides various customer care channels for its customers to get assistance and support. The following are the main customer care contacts of Allied Bank:
- Phone banking: The bank’s customer service center can be reached at the following number: +92-21-111-225-111
- Email: Customers can send an email to the bank’s customer service center at email@example.com.
- Online Support: The bank also provides an online support service through its website, where customers can submit their queries and complaints.
- Social Media: The bank is also active on social media platforms such as Facebook, Twitter, and Instagram, where customers can send their queries and complaints.
- In-Branch support: Customers can visit any of the bank’s branches across Pakistan to seek assistance.
It’s worth noting that the bank’s customer service center may have different working hours for different channels and may have different procedures for handling complaints and queries. It is always recommended to check the bank’s website or contact the bank directly for the most up-to-date information on customer care contacts and hours of operation.
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