The good news for all Pakistani National Savings account holders who hold any monthly savings account is that now they may apply for ATM cards so no need to visit National Savings Centre for monthly profit collection.
This is a free card and now one can withdraw monthly profit from any ATM.
Debit Card has been issued by National Savings Bank and savings account holders need to submit a form with a copy of their ID card to apply for this card. The card form is available on the National Savings website and usually, the card is issued within a month’s time.
Important Features are
- Card will be valid for 5 years.
- This ATM card is free of cost and there is no annual fee or no replacement fee.
- This ATM card has Nationwide acceptability.
- ATM facility
Now customers need not come to the bank to withdraw profits and withdrawals can be made from any ATM machine. This debit card can be used at 12,000 ATMs and over 50,000 shopping points across Pakistan. - Limit for cash withdrawals is:
- Cash Rs. 25,000 per day
- POS shopping Rs. 100,000 per day
- Cash Withdrawal
This card will work on any bank ATM with a sign of 1 link. Funds can also be transferred online.
- Shopping
This ATM card can be used for shopping from a point of sale in Pakistan so no need to withdraw cash for shopping for groceries and other purchases like clothes, pharmacy, and - Online e-commerce facility
Online shopping can also be done through National Savings Card. This facility is only available at local stores and shops so online shopping from https://www.daraz.pk/ and https://www.babyplanet.pk/ , or any other online store is possible. - Bill Payment
Immediate remittances will be available through IVR. - No internet banking facility is available right now.
This NATIONAL SAVINGS UNIONPAY DEBIT CARD is free of charge but there are charges on the usage of the card as below:
- Issuance Fee Union Pay Chip Debit Card (Basic) …Free
- Annual Service Fee Classic …Free
- Replacement of Card …Free
ATM Services Cash Withdrawal Fee
- Within Pakistan Rs. 23.44/- per transaction
- International Rs. 300/- or 3% of the transaction (whichever is higher)
Balance Inquiry Fee
- Within Pakistan Rs. 3.13/- per transaction Rs. 2.5/- additional for printed receipt
- International Rs. 150/- per transaction
Point Of Sale (POS) Transactions
- POS Local (Within Pakistan) …Free
- POS International Rs. 300/- or 3% of the transaction (whichever is higher)
Issuance of this NATIONAL SAVINGS UNIONPAY DEBIT CARD will definitely save the time of account holders and a welcome step from National Savings, Pakistan in the right direction.
ABOUT THE AUTHOR
Humayun Atif | CMA, CPA, CA (FIN), MS-IT, Oracle Certified, CA Articles from Big4
Atif is passionate about Business, Tech, and the written word. He is the author of the book ‘IFRS Made Easy’. He is a Tax and IFRS coach and the founder of accountingblogger.com
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