KARACHI: The Allied Bank Limited on Tuesday launched banking facilities for youth to increase the financial inclusion of un-banked people into the banking system.
Speaking at a press conference, Zia Ijaz, Group Chief, Commercial and Retail Banking, Allied Bank, said that “Allied Rising Star” is a savings account for the youth aged up to 18 years with multifaceted features and benefits.
The number of accountholders is only 15 per cent of the total population. “The State Bank of Pakistan, the regulator, and the Allied Bank are endeavouring to increase the financial inclusion,” he added.
Women and children are the targeted segment for the financial inclusion. The account opening scheme for the youth is part of the initiative, he said.
Recently, the bank had inaugurated a branch exclusively for women in Lahore.
Highlighting salient features of the scheme, Ijaz said that the main feature of the scheme is daily credit of per day profit in a linked “Wallet Account” with the bonus cash of Rs25 upon accumulation of profit amount of every Rs100.
The account offers accidental death or disability insurance cover for parents and guardian of the accountholder, Ijaz said.
Source The News
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