Senior Citizen Accounts: what changes at 55
Allied Bank’s Senior Citizen Account opens at 55. That is earlier than the retirement age people often assume. It comes in two families, conventional and Islamic.
| Feature | Comparison |
|---|---|
| Who It Is For | Conventional: Pakistani nationals aged 55 and above, singly or jointly Islamic: Individuals aged 55 and above |
| Account Type | Conventional: PLS Savings or Current, Regular or Asaan Islamic: Qard-based current, or Asaan current |
| Opening Deposit | Conventional: Rs 2,000 (Regular), Rs 100 (Asaan) Islamic: Rs 2,000 (Current), Rs 100 (Asaan Current) |
| Health Benefits | Conventional: Discounts on lab tests and hospitalisation coverage — up to Rs 6,000/day (Current), up to Rs 1,000/day (Savings), max 30 days per hospitalisation, unlimited occurrences. Exclusions apply: criminal acts, HIV, extreme sports, war, suicide. Islamic: Takaful and health benefits against a monthly fee under the Islamic Banking Schedule of Charges |
| Medical Health Card | Conventional: Up to 30% discount at partner labs, free for account holders, no activation or expiry Islamic: Medical Health Card lab discounts, under the same monthly Takaful fee |
| Insurance | Conventional: Complimentary accidental death and disability cover — up to Rs 500,000 (Current), up to Rs 300,000 (Savings), accidental medical reimbursement Rs 5,000 (Savings) Islamic: Accidental death and disability Takaful, under the same monthly fee |
| Debit Card | Conventional: Free debit card for the first year Islamic: Issued, with charges under the Islamic Banking Schedule of Charges |
| Pension | Conventional: Free pension credit facility for eligible pensioners Islamic: Ask the branch |
| Digital | Conventional: Free myABL and WhatsApp banking Islamic: Free myABL internet banking |
| Minimum Balance | Conventional: Rs 50,000 (Current), Rs 100,000 (Savings), Rs 50,000 (Asaan Current), Rs 100,000 (Asaan Savings) — Rs 140/month fee if not maintained Islamic: No minimum balance requirement |
Additional Free Services on the Aitebar Product Page
- Cheque book.
- Online transactions: cash deposit, withdrawal and account transfer.
- Online clearing.
- Call Deposit Receipt issuance.
On the conventional account, online deposits, withdrawals and transfers are free on current accounts. The bi-annual e-statement is free.
Features and charges change. Read the product page before you open an account.
Required Documents
- CNIC, SNIC or NICOP.
- Proof of income. This is not required for the Asaan category.
All documentation follows the applicable policy and regulatory guidelines.
Banks constantly borrow and park money for very short periods, with the State Bank and with each other. The policy rate is the benchmark around which all of that short-term borrowing is priced.
Think of it as the base price of money for the whole banking system. When the State Bank raises the policy rate, money becomes more expensive for banks; when it cuts, money becomes cheaper. That change then flows, step by step, into the rates you actually see as a customer.
How the medical benefits actually work
The figures sit in the table above. Three practical points decide whether a customer gets the benefit.
The card is used at the lab, not claimed later. Show the Medical Health Card at a listed lab and the discount comes off the bill. There is nothing to activate first. The current list of labs sits on the IGI Life hospital network page. (Link: https://igilife.com.pk/hospital-network)
Hospital cover is paid back to you, not to the hospital. It works on a reimbursement basis, which is why any hospital can be used. Keep the bills and the discharge paperwork.
Report a card problem to the insurer, not the branch. Email [email protected], or use the contact number printed on the card.
Getting your pension through the bank
Pension collection has largely moved from queues to bank accounts.
EOBI pensions and government pensions are paid through banking channels, credited directly to the pensioner’s account. The Allied Senior Citizen Account carries a free pension credit facility for eligible pensioners.
Pension credits are not allowed in joint accounts.
Still Collecting in Person?
Ask the branch what is needed to route the pension into an account. It usually amounts to the pension particulars, your CNIC and the account details. It converts pension day from an errand into a text message.
Two Practical Notes
Service that respects seniors
State Bank instructions direct banks to give priority service to senior citizens, pensioners and special persons. That includes:
- Proper seating and drinking water.
- Special assistance and due care.
- Separate counters for pensioners.
The instruction was reiterated in BC&CPD Circular Letter No. 01 of 2018. Earlier letters came in 2014, 2015 and 2016. Violations are actionable under the Banking Companies Ordinance.
Use it without hesitation. It exists for you.
Beyond the counter, much of banking no longer needs a trip. Balances, transfers, bill payments and statements all sit in myABL. The Allied Contact Center on 042-111-225-225 handles a great deal by phone, with verification.
Some customers find fingerprints harder to verify with age. This is real and common. Verification frameworks provide alternatives. The branch will guide you through the route that applies, rather than turning you away.
Security: the habits that matter most
Fraudsters target seniors deliberately. The playbook is depressingly stable. A call claiming to be the bank, an urgent story, and a request for an OTP, PIN or card number.
The bank never needs your OTP, PIN or password, for any reason, on any call.
Anyone asking has told you what they are. Hang up, then call 042-111-225-225 yourself.
Add the Quieter Habits
Planning for the family
Three arrangements spare families enormous difficulty later.
None of this requires handing over control. It requires only that the map exists outside one person’s head.
Where Day-to-Day Help Is Genuinely Needed
Discuss formal routes with the branch. Joint operation or properly documented mandates work.
Informal card-and-PIN sharing breaks the security rule above and muddies the record.
Turning a lump sum into monthly income
Retirement often arrives as a lump sum: gratuity, provident fund, a career’s savings. The task is turning it into income without risking it.
Term deposits are the banking answer. Money is committed for a tenor at a return set out in the product’s Key Fact Statement. The statement gives the rate, the tenor, how profit is paid and what early encashment costs, all before you sign.
Two ideas help here:
- Products with periodic profit payout can put a regular credit beside your pension.
- Laddering, meaning splitting the sum across different tenors, keeps part of the money maturing regularly.
Discuss the mix at the branch with the Key Fact Statement in hand.
One protective rule has been earned by hard experience across Pakistan. If a scheme outside the bank offers a return that looks unreal, it is. A lifetime’s savings never belongs in anything you cannot verify.
Learning the app at your own pace
Digital banking is not an exam. Nobody sensible starts with transfers.
One family teaching hour covers the whole ladder. The helpline on 042-111-225-225 can walk you through screens whenever you are alone with a question.
The branch remains fully yours. Digital is an addition to your banking, never a condition of it.
Terms Used in This Guide
What this means for you
Later-life banking done well is four settled arrangements:
Settle all four in one branch visit and one afternoon with the app.
Visit your branch to ask about the Allied Senior Citizen Account and routing your pension by direct credit.
You can also call the Allied Contact Center on 042-111-225-225.
General information only. Product features, eligibility and charges are governed by Allied Bank’s prevailing Schedule of Charges and product terms and conditions, which may change; the product pages on abl.com carry the current position.
Frequently Asked Questions
Q. At what age does the Allied Senior Citizen Account start?
From 55 years. It is available to Pakistani nationals aged 55 and above, singly or jointly.
Q. Can my EOBI or government pension come straight to my bank account?
Yes. Pensions are paid through banking channels, with direct credit to the pensioner's account. Ask your branch what particulars are needed. Pension credits are not allowed in joint accounts.
Q. What is proof-of-life verification for pensioners?
A periodic check, using biometric arrangements, that confirms the pensioner's status so payments continue. Ask the branch how the current cycle works, so it is never missed.
Q. Do seniors get priority service at branches?
Yes. State Bank instructions, reiterated in BC&CPD Circular Letter No. 01 of 2018, direct banks to give senior citizens, pensioners and special persons priority services, seating, special assistance, and separate counters for pensioners.
Q. What if fingerprint verification fails because of age?
Alternatives exist within the verification framework. The branch guides eligible customers through the route that applies.
Q. How should a senior keep the account safe from fraud calls?
One rule covers most cases. The bank never asks for your OTP, PIN or password. Hang up on anyone who does, and call the Allied Contact Center on 042-111-225-225 directly.
Q. What should be set up for family members?
Current nominee details on every account. One trusted person who knows what exists and where. And valid CNIC and contact details with the bank.
Q. What is the eligibility for the accidental life cover?
Opening a Senior Citizen Account is the only requirement.
Q. What documents are required to open a Senior Citizen Account?
A valid CNIC / NICOP / POC. Income Proof (not required for Asaan category).
Q. Is there any minimum balance requirement for account opening?
Regular Variant: Rs. 2,000. Asaan Variant: Rs. 100.
Q. Is there any minimum balance requirement for free services?
Yes, the monthly average balance requirements are: Senior Citizen Current Account PKR 50,000, Senior Citizen Savings Account PKR 100,000, Senior Citizen Asaan Current PKR 50,000, and Senior Citizen Asaan Savings PKR 100,000.
Q. Can I avail free services without maintaining the required average balance?
No. A PKR 140/- monthly fee will be charged if the balance is not maintained.
Q. What is a Medical Health Card?
It is an exclusive card for Allied Senior Citizen Account holders offering discounts on hospitalisation charges and lab services.
Q. Are there any charges for the Medical Health Card?
No, the Medical Health Card is provided free of cost.
Q. Is activation required for the Medical Card?
No, activation is not required.
Q. Does the card have an expiry?
No. It remains valid as long as the account is maintained with Allied Bank.
Q. What are the discounted lab services?
By presenting the Medical Health Card at specified labs, customers can avail discounts.
Q. What is the limit on the Health Card?
There is no monetary limit. Only percentage-based discounts apply.
Q. Which labs can I access?
The updated list of labs is available on the IGI Life hospital network page.
Q. Where should I report issues with the Medical Card?
Email [email protected], or use the contact number provided on the card.
Q. When will hospitalisation claims not be entertained?
Claims will be rejected in cases of criminal activity, HIV-related illness, hazardous occupations or extreme sports, suicide, and war or similar operations.
Q. How many hospitalisations are covered?
Up to 30 days per hospitalisation. There is no cap on the number of hospitalisations in a year.
Q. Which hospitals accept this card?
Reimbursement is offered, so services can be availed at any hospital.
Q. What is the reimbursement limit for hospitalisation?
Current Account holders: up to Rs. 6,000/day. Savings Account holders: up to Rs. 1,000/day.
Q. What is an e-SOA (e-Statement of Account)?
A bi-annual account statement sent free of cost to your registered email. Make sure to provide a valid email during account opening.