Union Bank

Introduction: Established in 1991 and backed by a major Middle Eastern Group, Union Bank today is the preferred choice of thousands of satisfied customers throughout Pakistan. With 53 branches in 20 cities and a correspondent banking network of over 300 banks in 85 countries, Union Bank is rapidly gaining ground in the global financial market. The management at Union Bank comprises of seasoned professionals in the fields of banking and finance thereby encouraging a culture of innovation, and total customer satisfaction. Union Bank's vision is to provide its clients with complete banking solutions. Company Profile: In the year 2000, Union Bank acquired Bank of America's operations in Pakistan. Keeping on the same strategic run, in July 2001, Union Bank signed an Independent Operator agreement for American Express Cards in Pakistan. As a result of this arrangement, Union Bank now issues, operates and markets American Express cards in Pakistan. The Bank is also in the business of acquiring merchants accepting VISA, MasterCard, American Express and JCB cards. In 2002, Emirates Bank International (Pakistan Operations) has been acquired by Union Bank Limited. With this, Union Bank has become one of the largest private banks in the country. With major investments in international brand acquisitions, branch network and information technology including a state-of-the-art customer contact center, Union Bank is well on its way to offer its customers innovative financial products. This would result in an unmatched level of service quality offered by the Bank in the years to come Union Bank International: Union Bank's vision goes beyond local operation. The bank's aim is to become a prominent Pakistani bank with substantial international presence. With a wide range of products & services and management expertise in all functional areas of banking, Union Bank finds itself best positioned to embark on international operations. In order to establish an international network Union Bank has been evaluating several emerging economies in Europe, Southern Africa and South Asia. The criteria for the selection of the country includes the level of economic activity, the demand for

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consumer products (Union Bank's core competency), and the trade and economic relations with Pakistan. Union Bank selected Sri Lanka as the first venue for commencing its international business. The historically warm relationship between both the two countries provides Union Bank a congenial platform to start its offshore operations. Sri Lanka is one of the fastest growing economies in the region and the bilateral trade agreement between Pakistan and Sri Lanka will not only help to boost trade but will further strengthen the relationship between the two countries. With economic and cultural similarities between the two countries, Union Bank believes that it will be able to leverage its success in Pakistan to Sri Lanka as well. Vision: To be the premier financial institution in the Emerging Markets Mission: To be a premier bank focused on our customers, recognized for superior service, innovative products and attractive returns to all our stakeholders. Values: Customer Focus Integrity Innovation Team-work Services:

Personal Account

o Business A/C o Mahana Izaafa o Munafa Max o Saving Account o Basic Banking Account
Personal Finance

o My Home o Ready Cash o UniCar

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Card Business

o Union Bank Credit Card o Union Banks Shopping Card o American Express Charge Card o American Express Credit Card
Online banking SME Business

o Agri deal o Business Power o Cash Today o Electro Finance o Rang hi Rang o Tana Bana
Opening Account requirements: Formal application Name Address Occupation Amount to be deposited Introductory reference The customer must provide his introduction From the old customer of the bank Or form the person known to the bank Specimen signature The bank obtains one or more then one specimen signature on Specimen Signature card Bank obtain these signature after it is satisfied about the integrity of the customer

Opening the account After fulfilling the required formalities the bank opens the bank
account in the name of the applicant The applicant is required to deposit minimum amount of Rs. 100,000. The bank then provides the customer with

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Pay in slip book A cheque book A statement of accounts ( on demand )

Special types of individual customers: Minor

A person who has not attained the age of 18 years is a minor. His
account is directed by the guardian court. Lunatic

A person who is incapable of understanding, is unsound mind cannot

open an account. If an account is already in existence of a sane person but his mental condition is disturbed, the bank Stops payment from his account until he receives satisfactory evidence of his recovery or an order from the court. Drunkard

A person who is in the state of intoxication and is not in senses cannot

open an account nor operate an existing account. However if a person is drunk, is of sound mind he may open and operate an account with the bank. Married women

The married woman has all the rights to open any account with the
bank like any other member. Purdah observing women

The Purdah observing women can open the account with the bank but
the banker must carry out the scrutiny about the identity of the woman. A close introducer should confirm the identity of the purdah observing lady and verify her signature. Illiterate person

The person who can not put his signature is considered to be an

illiterate. He uses his thumb impressions in place of signatures for identification. The bank takes a certified photograph of an illiterate person on signature card. At least two thumb impressions are placed in place of the specimen signature.

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Other customers of the bank: Joint account holders

Bank account which is opened in more than one name is called Joint
account. Joint account can be operated by one, both or all the parties in the account or as per their own instructions to the bank. Partnership firms

The account should be opened in the name of the firm and not in the
name of any partner. All documents should be signed by all the partners of the firm. The banker shall have to study the partnership deed carefully and keep on track of the changes made from time to time. The accounts of the partnership firm are operated according to the instructions at the time of the opening of the account. It should be signed by all the partners. The specimen card contains the signature of all the partners. Trustees

A trust is created only for lawful purpose. While accepting a trust as a

customer the bank should the precautions like, the account should be opened in the name of the Trust and all the trustees should sign the account opening form. At the time of opening the account the bank should study carefully; Purpose and objectives of the Trust, Appointment of trustees, their duties, powers and responsibilities Rights of the trustees in relation to opening and operation of bank account. In case the account is opened for two or more trustees, the bank must get clear instructions in writing as who will operate the account. The insolvency of one or more trustees does not in any way affect trust property as it cannot be utilized for the payment of the personal interest of the trustee. Societies and other Non-trading Institutions

While accepting the societies and other Non-trading Institutions the

bank takes the following precautions: (1) the bank should open the account of only that society which is registered as a body cooperate under the society registration Act., (2) the bank should must obtain the copy of Memorandum of Association and Article of Association,

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(3) banker must get an authenticated copy of the resolution of managing committee authorizing the persons who are to operate the account. (4) A non-trading organization has no power to borrow from the bank. (5) The banker should be careful that the society account does not get mixed with any personal account of the society member.

Personal Accounts: Business Account Business Account is a flexible current account that gives you the freedom to transact wherever your business takes you. The applicant is required to deposit minimum amount of Rs 100,000. The most secure way of transferring funds anywhere in Pakistan without the hassles of carrying Cash or Travelers Cheques. Features:

Get Pay Orders/ Demand Drafts anywhere in Pakistan Immediate access to your account information Faster Cheque Clearing

Mahana Izaafa Mahana Izaafa is a unique rupee saving account which combines a high rate of monthly profit, flexibility of withdrawal and convenience, all in one. The special tiring structure ensures a higher profit on higher deposits. It is the smart choice of the profit minded who demand more than just profit from their bank account. Today it is the preferred choice of thousands of satisfied customers including businessmen, salaried individuals, housewives, business houses and retirees. Features:

profit is credited to Mahana Izaafa account every month profit is calculated on a daily product basis Higher Investment, Higher Profit

Mahana Izaafa Regular Profit Rates

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Tier Munafa Max Up to Rs. 100,000 Rs. 100,001 to Rs. 500,000 Rs. 500,001 to Rs. 1 Million Rs. 1 Million to Rs. 5 Million Rs. 5 Million to Rs.10 Million Rs. 10 Million and above Rate 0.10% 1.50% 3.50% 4.25% 4.50% 5.00%

Munafa Max is a branded long-term savings deposit, with profit payment at maturity. The minimum average balance required is Rs. 10,000. Additional value added features give customers the flexibility to meet their interim liquidity needs. It is a product ideally suited to corporate as well as individual clients who want a good return on their money. Features: Only Munafa Max offers you one of the highest rates of return convenient and secure

Profit Rates Tenor 3 Months 6 Months 1 Years (Max. upto One Year.) Union Bank's Saving Account Saving Account is the latest addition to Union Bank's ever-increasing portfolio of products. This product combines a good rate of return, profit paid out on a sixmonthly basis, and outstanding services offered by Union Bank all-in-one. Features: minimum average balance required Inter-branch Transaction Facility Profit on Saving Account is on a minimum balance basis and is credited to the account every January and July. Profit Rates On Maturity Rate 7.00% 8.00% 9.00% On Monthly 6.50% 7.50% 8.50%

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Tier Up to Rs. 100,000 Over Rs. 100,000 Rate 0.10% 1.00%

Union Bank Online Union Bank Online is a complimentary service for all union bank customers and can subscribe to this facility in two simple steps. Step 1: Download and fill out the Online Subscription Form (also available from all Union Bank branches), and mail it to their head office address. Form will be processed within three working days from the time receive it. Step 2: Contact your Online Banker by dialing our Toll-Free number 0800-44-444 and generate a T-PIN for yourself with the help of your Online Banker. With your unique T-PIN you can access Union Bank Online Contact Center, 24 hours a day, from anywhere in Pakistan Key features of Union Bank Online By using Union Bank Online, you can: Simple and Convenient banking solutions over phone Instant access to banking services from anywhere at anytime Saves time and money Check your card and account balances Instruct issuance of pay orders and demand drafts Transfer funds between your own accounts and to a third party account Order issuance of chequebook Make your card or loan account payments Check transaction history of your accounts

Card Business

o Union Banks Shopping Card o Union Bank Credit Card o American Express Charge Card o American Express Credit Card
ATM/Debit card: (Shopping Card)

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Union Bank's Shopping Card is the most convenient & useful way of replacing cash for everyday purchases. With Union Bank's Shopping Card, customer can round the clock access their Mahana Izaafa, Business Account, Savings Account, Ready Cash or Business Power account from anywhere across Pakistan and around the world. Now user can buy grocery, fill fuel or dine-out without the need to carry cash. Union Bank's Shopping Card is accepted at over 10,000 VISA merchants in Pakistan and over 13 million worldwide. It also functions as an ATM card and allows withdrawing cash from over 600 ATMs in Pakistan and over 864,000 VISA ATMs worldwide.

Credit Card: Accepted at thousands of outlets in Pakistan and millions abroad, Union Gold is trusted payment tool around the world. Banks revolutionary Cash Back Program, only 3% minimum payment, attractive Balance Transfer Facility, complimentary Travel Accident Insurance, Simple Payment Plan option, Global Customer Assistance Service and a number of other features make Union Gold the most rewarding credit card.

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Cheque Book Demand: The bank provides customer with the cheque book on demand after the account has been opened. The customer can withdraw money from his/her account using the cheque book. Some time the bank dishonor the cheque of the customer. The reason of dishonoring could be many some are explained as follows: Reasons of Cheque dishonoring: Refer to drawer Not arranged for Payment stopped by drawer Exceeds arrangement Amount in words and figures differs Drawers signature incomplete/required Drawers signature differs Bank discharge irregular

Cheque is mutilated
Cheque post dated/out of date Alteration in date/words/figures requires signature Goods not yet received please present again Payees endorsement required Payees endorsement irregular Endorsement requires Bank guarantee/confirmation Clearing Banks endorsement required Clearing stamp required Payees discharge on revenue stamp required Advice not required Crossed cheque must be presented through a Bank Account closed

Effects not cleared please present again

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Other services: Application form is available for when customer requested to process the following: Statement o Customer need summary of transactions during the particular period of time then he/she fill and submit the statement request form for that. Balance Certificate o Customer need certificate mentioned its account balance then he fill the form and submit it. Account Reactivation

o Customer wants to reactivate his/her account, fill the account

reactivation form and submit it. Counter Cheque o Customer has to withdraw certain amount and he/she has not ATM or cheque book (May not be still issued) then he/she fill counter cheque form for withdrawal of amount. Stop Payment o Some time customer instructs the bank to stop any payment from his/her account, for this he/she has fill in the stop payment form. Account Closing o Customer wants to close his account due to any reason. He/she fills an account closing form and submitted it. P/O Cancellation

o Some time customer instructs a bank to pay a certain sum to a third

party. In order to cancel that pay order due to some reason the customer fills P/O cancellation form and submits it. Change of Address

o Customer has changed his residence and wants to change his/her

address, so he/she submitted an application with bank to change address. Closing Account The customer informs the bank in writing and returns the unused cheques If the account is not operated for a long time the bank sends a notice to the customer pf closing the account

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If the banker finds that the customer is not desirable he sends the notice of closing of the account

on receiving the information about the death or insanity of the

custome.

OTHER BANKS

Askari Commercial Bank Ltd Askari Commercial Bank Ltd was incorporated in Pakistan on October 09, 1991, as a Public Limited Company. It commenced operations on April 1, 1992 and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on the Karachi, Lahore & Islamabad Stock Exchanges and its shares are currently the highest quoted from among the new private sector banks in Pakistan. Types of Account: Current Account Askari Special Deposit PLS Saving Account Current Account: Current deposit account can be open with a minimum of Rs. 10,000 as a initial deposit. Funds in current deposit account can be payable on demand without any profit. Askari Special Deposit: Askari Special account normally opened with a minimum balance of Rs. 50,000. The amount in the account and the return thereon is on Profit and loss sharing on monthly basis, 10% tax on profit and 2.5% is for Zakat. PLS Saving Account: Saving account normally opened with a minimum balance of Rs. 10,000. The amount in the account and the return thereon is on Profit and loss

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sharing on yearly basis, 10% tax on profit and 2.5% is for Zakat. Users have to maintain initial deposit otherwise Rs.100 deducted per month.

United Bank Limited United Bank Limited is one of the largest commercial bank in the country. With almost forty six years of good standing to its valued clients, it has stood the test of time, producing assets of over Rs. 300 billion.

Types of Account: Current Account PLS Saving Account PLS Term Deposit Unisaver Current Account: Current deposit account can be open with a minimum of Rs. 5,000 as a initial deposit. Funds in current deposit account can be payable on demand without any profit. Users have to maintain initial deposit otherwise Rs.50 deducted per month. The following accounts will be exempt form the levy of service charges: Student, Mustahiqueen of Zakat, Employees of Government/Semi-Government institutions for salary and pension purposes.

PLS Saving account: Saving account normally opened with a minimum balance of Rs. 10,000. The amount in the account and the return thereon is on Profit and loss sharing after six months. PLS term deposit:

You get an attractive rate of return. Your profit is credited to your account every six months. You have the flexibility to choose from a wide range of tenors. Your investment is secured.

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You can avail the Rollover or Renewed option at any time before encashment You can get your TDR en-cashed at any time before maturity period. Available Tenors:

One Month Two Months Three Months Six Months One Year Two Years Three Years Five Years

UBL Unisaver: UBL UniSaver Account is an innovative way of serving your banking needs. Be it trade, business or personal finance, the UBL UniSaver allows you maximum flexibility, yet gives you optimum returns. Special Features are;

Daily Profits on your daily balance Higher returns on higher balances Attractive rate of return Backed by the bank awarded AAA Credit Rating

Standard Charted Bank The Standard Chartered Group was formed in 1969 through a merger of two banks: made by Chartered and by Standard to undergo a friendly merger. Standard Chartered has a history of over 150 years in banking and is in many of the worlds fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries. Types of Account: Current Account Supersave Account

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Rupee Term Deposit Foreign Currency Account

Current Account Features: o o o o o o o Non interest bearing checking account Minimum account opening requirement PKR 50,000 Overdraft facility ATM card provides access to funds 24 hours a day and can be used on all MNET & 1-Link ATMs across Pakistan ATM Card can be used as a Debit Card to make purchases at thousands of outlets across Pakistan 24 hour Phone Banking Account accessible from 31 online branches across Pakistan

Supersave Account Features:

o o o

Minimum opening balance requirements as low as PKR 50,000 Higher returns on higher balances ATM card provides access to funds 24 hours a day and can be used on all MNET & 1-Link ATMs across Pakistan ATM Card can be used as a Debit Card to make purchases at thousands of outlets across Pakistan 24 hour Phone Banking Account accessible from 31online branches across Pakistan

o o

Rupee Term Deposit Standard Chartered Bank's rupee term deposits are available in 1,3,6 months and 1, 2 and 3 year tenors. Features:
o o

Attractive returns Flexible deposit periods

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o o o o o

Choice of monthly, quarterly, semi-annual, or annual profit payments Automatic renewal of deposit Free 24-hour phone banking Overdraft facility Minimum requirement for placement of term deposits is PKR 200,000.

Foreign Currency Account PKR deposits, Standard Chartered also offers current, savings and term deposit accounts in foreign currency. Accounts can be opened with a minimum of US$10,000 or equivalent in:

US Dollars Pound Sterling Euro

Habib Bank LTD The Habib Bank Group is a leader in Pakistan's services industry. An extensive network of 1425 domestic branches the largest in Pakistan and 55 international branches has enabled HBL to provide comprehensive services that meet customer needs. HBL established itself in the Qaid's city in 1943 and became a symbol of pride and progress for the people of Pakistan. Types of Account: Current Account PLS Saving Account PLS SSD PLS Khas Term Current Account

Features o o o Account can be opened with Minimum Balance Rs.1000/- with no maximum limit. Checking account No profit is paid.

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PLS Saving Account

Features

o
o o o month.

Account can be opened with Minimum Balance Rs.1000/- with Checking account Profit is payable at yearly rate declared every half year. Profit is calculated on monthly products i.e. on minimum

no maximum limit.

balance of Rs.5,000/- and above from 1st day to the last day of the

o
o o o

Service charges Rs.180/- if average balance is less than Profit is Paid/Credited in Account on half yearly basis. Statement of Account dispatched on half yearly basis after There is no restriction for withdrawals of amount and numbers

Rs.5,000/- during half year.

posting of profit. of cheques. Conditions Deduction of Zakat With-holding Tax as per rules of the Government. PLS SSD

Features

o Account can be opened with Minimum Balance Rs.1000/- with no

maximum limit. o o Checking account Profit is payable at indicatives rates for each half year.

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o Profit under this scheme is calculated and paid to the depositors on daily products basis on the 1st working day of the following month according to above slab. o In case the average balance during any calendar month changes (rises/falls) from a slab, the profit for that month will be paid at the rate applicable to relevant average balance slab. o If during a calendar month a party maintains average balance which does not come within the ambit of SSD scheme then No Profit shall be paid.

o Service charges Rs.180/- if average balance is less than Rs.5,000/during half year. o o o Profit is Paid in Cash or Credited in Account. Statement of Account dispatched on monthly basis. There is no restriction for withdrawals of amount and numbers of cheques. Conditions Deduction of Zakat With-holding Tax as per rules of the Government. PLS Khas Term Features o o o TDRs can be purchased with minimum of Rs.1000/- with no maximum limit but for not less than 1 month period. Profit is payable at yearly rate declared every half year. Profit is Paid/Credited in Account on half yearly basis.

Conditions Deduction of Zakat With-holding Tax as per rules of Government.

ABN Ambro In Pakistan, ABN AMRO was established in 1948 and was the first foreign bank to be granted a license by the Government of Pakistan. With total assets of over PKR 46

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Billion, equity of PKR 2.9 Billion, and deposits of almost PKR 38 Billion, ABN AMRO is placed and well positioned as one of the larger foreign banks in Pakistan. Types of Account: Current Account Saving Account Term Deposit Foreign Currency Account

Current The ABN AMRO Rupee Current Account open with minimum balance of Rs.5 lac and allows the facility of unlimited withdrawals up to the extent of the balance in your account. There will be no tax deducted on the funds that you choose to keep in these accounts. Savings The ABN AMRO Rupee Savings Account open with minimum balance of Rs.5 lac and allows the facility of unlimited withdrawals (up to the extent of the balance in your account), while accruing profit on your deposit everyday. You can have the profit paid to you monthly, quarterly, annually or bi-annually, as per your requirement. Term The ABN AMRO Rupee Term Deposit open with minimum balance of Rs.5 lac and offers the dual benefit of attractive returns with high liquidity, with options to take your profit monthly, quarterly, bi-annually, annually or at maturity.

Profit is accrued on a daily balance basis. In case of premature en-cashment. The profit rate will be decided by the ABN AMRO bank. You have the option of partial liquidity, which allows you to withdraw a certain percentage of your fixed deposit without disturbing the remaining deposit. Automatic rollover option allows your term deposit to be automatically rolled over and re-invested at the prevailing rate.

Foreign Currency You have the option of opening Current, Savings and Term Deposit accounts in four different foreign currencies* - US Dollar, Pound Sterling, Japanese Yen, and Euros. This entitles you to avail all the convenience of local currency accounts including:

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Unlimited cash withdrawals up to the balance in your account Deposits facility Profit accrued on a daily basis Automatic rollover of deposits

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