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Who can benefit from Business First?
Business First is applicable to those businesses that fall in the following categories:
- Sole Proprietors / Business Individuals
- Partnerships
- Private Limited Companies
- Public Limited Companies
For documentary requirements of each account type, please contact your Relationship manager or visit your nearest branch.
What transactional convenience will I get by maintaining a Business First Account?
As a Business First Account holder, you can enjoy the following value-added services:
- 79 online branches nationwide
- 24 hour access to any RBS ATM worldwide and over 3000
- ATMs across the country
- Free instant funds transfer to any account maintained with RBS
- Evening Banking until 7pm, Mondays and Fridays so that you can bank around your schedule
- Drop Box facility at 88 convenient locations across the country
- Real-time SMS alerts on your transactions as and when they happen
- e-Statement facility to keep you informed of your daily transactions
- Bill Payment facility for your utility and phone bills through your nearest RBS ATM or our Customer Interaction Centre
- Access to our 24 hour Customer Interaction Centre with dedicated phone banking officers serving you round-the-clock
- Free of charge over the counter cash deposits and withdrawals at all RBS branches
What waivers and benefits can I get on maintaining monthly average balances on my deposit accounts?
With Business First, you have access to a variety of deposit products offering the following benefits:
Business First Current Account
Monthly average balance PKR 250,000-PKR 499,000
- Free online transactions
- Free first 10 leaf cheque book at the time of account opening
- Free ATM Withdrawal Insurance up to a limit of PKR 50,000
- Free Personal Accident Insurance amounting to PKR 250,000
Monthly average balance PKR 500,000-PKR 999,999
- Free online transactions
- Free first 10 leaf cheque book at the time of account opening
- Free ATM Withdrawal Insurance up to a limit of PKR 100,000
- Free Personal Accident Insurance amounting to PKR 500,000
Monthly average balance PKR 1,000,000-PKR 1,499,999
- Free online transactions
- Free first 10 leaf cheque book at the time of account opening
- Free ATM Withdrawal Insurance up to a limit of PKR 100,000
- Free Personal Accident Insurance amounting to PKR 500,000
- Free Business Cover Insurance amounting to PKR 700,000
- Free banking services including pay orders, demand drafts, cheque book issuance etc.
Monthly average balance PKR 1,500,000-PKR 1,999,999
- Free online transactions
- Free first 10 leaf cheque book at the time of account opening
- Free ATM Withdrawal Insurance up to a limit of PKR 100,000
- Free Personal Accident Insurance amounting to PKR 500,000
- Free Business Cover Insurance amounting to PKR 1 million
- Free banking services including pay orders, demand drafts, cheque book issuance etc.
Monthly average balance PKR 2,000,000+
Royal Preferred Banking Privileges, in addition to all benefits in categories worth
PKR 250,000-1,999,999
Business First Classic Savings, Anchor Savings and Value Term
Monthly average balance PKR 1,000,000-PKR 2,999,999
- Free banking services including pay orders, demand drafts, cheque book issuance etc.
Monthly average balance PKR 3,000,000+
Royal Preferred Banking Privileges, in addition to all benefits in categories worth PKR 250,000-2,999,999
I am an existing RBS deposit account customer; can I convert my account to a Business First Account?
Yes. To convert your account to a Business First Current, Savings or Term Deposit Account, you can visit your Nearest branch or call our Customer Interaction Centre at 111- 06-06 06.
Who should I contact if I want to avail any of the loan and bancassurance products offered with BusinessFirst?
You can visit your nearest branch or contact your Relationship Manager for further assistance on how to avail any of the products offered through Business First.
Will I still be eligible for free insurance product offerings through my Business First Current Account if I am not able to maintain the monthly average balance requirement?
You will not be eligible to receive any insurance claim from the free insurance product offerings through the Business First Current Account if your monthly average balance falls below the require threshold for that particular month.
What is Personal Accident Insurance?
Personal Accident Insurance provides a lump sum amount in case of the accidental death of the insured Business First customer. Personal Accident Insurance is underwritten by EFU Life Assurance Co. Ltd. You can visit www.efulife.com for more information regarding the company.
Please refer to the Business First Insurance Terms and Conditions for further details.
How long will I be insured for the free insurance coverages offered with Business First?
You will stay insured with the various free coverages as Long as you fulfill the balance thresholds mentioned in Point 3 of the Frequently Asked Questions and qualify under
the Business First Insurance Terms and Conditions.
Is Personal Accident Insurance coverage only for individual account holders? What if I open a Business First Account under an entity’s name?
In addition to individuals, a maximum of 3 signatories can also be nominated by an organisation for this coverage. The names of the selected signatories will have to be
provided on the company’s letterhead to the Bank.
If a Business First Account is opened in an entity’s name, will all the directors / owners of the entity be insured for Personal Accident Insurance?
All nominated individuals (up to a maximum of 3) by a Company holding the Business First Account will be eligible for the maximum compensation amount as per the Current Account’s monthly balance qualification.
Who will be paid the insurance amount in case of insured’s death?
The coverage compensation amount will only be provided to the person who can furnish the Legal Succession Certificate pertaining to the insured individual.
What is Business Cover Insurance?
Business Cover is a business insurance plan that provides coverage to your business’s office structure, contents and valuables against natural disasters or acts of terrorism or sabotage. Business Cover is underwritten by NJI General Insurance. You can visit www.nji.com.pk for more information regarding the company.
What perils will my business be insured against?
Coverage is provided for the following major perils:
- Fire and lightning
- Riots and strikes
- Acts of malicious intent
- Explosion (but excluding explosion of steam pressure plant belonging to or under the control of the insured)
- Atmospheric disturbances
Are all sorts of businesses insured?
Please refer to the Section, "Excluded Property" of the Business First Insurance Terms and Conditions.
What if my business property is already insured?
In the case where your business property is already insured, the claim amount will be shared proportionately between the insurance companies providing coverage for the same business property. Please refer to the Business First Insurance Terms and Conditions for further details.
Apart from individual businesses, can companies also be insured with Business Cover?
Companies can also be covered with this plan up to the assigned limits of the coverage only.
Is loss caused by terrorism covered under Business Cover Insurance?
Terrorism cover is only available with the enhanced cover of PKR 1,000,000 (as per the defined criteria mentioned above).
What is ATM Withdrawal Insurance (AWI)?
ATM Withdrawal Insurance provides insurance coverage against theft / robbery of cash withdrawals made with your RBS Relationship Card from any RBS ATM across Pakistan.
AWI is underwritten by EFU General Insurance Ltd. You can visit www.efuinsurance.com for more information regarding the company.
How long am I covered for with ATM Withdrawal Insurance?
ATM Withdrawal Insurance provides you one hour coverage after your ATM transaction.
If somebody else uses my Relationship Card on my behalf, will I be given ATM Withdrawal Insurance coverage?
For your financial security, your ATM Withdrawal Insurance coverage is applicable only if the Relationship Card is used by the person to whom the card is issued.
How many times can I claim ATM Withdrawal Insurance?
You can make up to 3 claims in a year.
How can I claim in case I wish to utilize insurance coverage offered through Business First?
Please contact the relevant Insurance company at the below mentioned contact details and they will guide you through the claim process.
For Personal Accident Insurance
EFU Life Assurance Ltd.
Head Office
37-K, Block 6, P.E.C.H.S,
Karachi – 75400, Pakistan
Phone: +92-21-111-338-111
Fax: +92-21-34535079
For Business Cover
NJI General Insurance Ltd.
NJI Building, I.I. Chundrigar Road,
Karachi, Pakistan
Phone: +92-21-111-654-111 (Ext: 285, 322, 323)
Fax: +92-21-32425774 & 32425020
For ATM Withdrawal Insurance
EFU General Insurance Ltd.
311, Clifton Centre, Block 5,
Clifton, Karachi – 75600, Pakistan
Phone: +92-21-35837031-33, +92-21-35873338-9
Fax: +92-21-35873136, +92-21-35836860
RBS customer hotline: +92-21-35361192, +92-21-35830866
For more information on how Business First works best for you and your business, simply call our Customer Interaction Centre at 111-06-06-06 or visit our nearest branch for further assistance.
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