In compliance with the directives of State Bank of Pakistan via BDP Circular No. 30, issued on November 29, 2005, the Basic Banking Account has been launched with effect from February 27, 2006.

This product has been introduced to facilitate the low income group as well as the existing account holders who wish to convert their regular savings or current account into Basic Banking Account.

The Basic Banking Account is a current account and can be opened with a minimum initial deposit of Rs. 1000/- only. Account holders will be allowed 2 deposit transactions (either cash or through clearing) and 2 withdrawals (cash or clearing) each month. All customer-initiated transactions over and above this limit will be charged a transaction fee. However unlimited free of charge cash withdrawals are allowed through MCB's own ATMs.

There will be no minimum balance maintenance requirement, and hence no monthly account maintenance charges will apply.

“In cases where balance in BBA remains ‘zero’ for…” a continuous 6 month period, the account will be closed automatically, without any notice to the account holder.

All account holders who wish to convert their existing account into Basic Banking Account are requested to contact their respective Branch Manager.