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Circulars

Teenager Account / Wallet

April 01, 2026
6692

The Presidents/ Chief Executives

All Banks / Microfinance Banks (MFBs) / Electronic Money Institutions (EMIs)

Dear Sir/Madam,

Teenager Account / Wallet

               In order to promote financial inclusion and nurture saving habits among the adolescents between the age of 13 to 18 years, State Bank of Pakistan is pleased to introduce the framework for teenagers’ accounts/wallets. The framework aims to allow teenagers to open and operate their accounts in banks through a simplified and convenient mechanism. It also aims to provide hands-on banking experience to teenagers for the effective and responsible use of financial services, preferably through digital means.

a. Eligibility Resident Pakistani teenagers from the age of 13 to 18 years.
b. Applicability and Scope
  1. All Banks/ MFBs/ EMIs.
  2. The account/wallet will be opened in the name of applicant, individually or jointly. 
  3. The account/wallet will be opened in local currency (PKR) only.
  4. It will be allowed to receive equivalent PKR of foreign remittances.
  5. The account/wallet will be a savings account by default, unless otherwise requested by      the applicant.
c. Onboarding Channels This account/wallet can be opened both in-person or remotely through any digital means.
d. Turn Around Time
  1. Opening: The account/wallet shall be opened instantly upon completion of all requirements. However, in no case, the time to open the account/wallet can exceed two (02) working days.
  2. Tracking ID: A tracking number shall be provided to the applicants against their submitted applications for status updates.
e. Identity Verification and other KYC Requirements

For Teenager

Biometric verification where applicable, or alternate ID verification mechanism from NADRA

For Parent / Guardian

  1. Applicable CDD requirements for natural persons
  2. Indemnity by the parent/guardian through digital or physical means, accepting full legal     responsibility for all actions related to the teenager’s account
  3. Declaration by parent/guardian regarding source of funds.

Other CDD requirements for teenager’s account/wallet including but not limited to Name Screening, Customer Risk Profiling and Transaction monitoring shall apply in accordance with SBP’s AML/CFT/CPF regulations as amended from time to time.
f. Value added Services

The account/wallet will be bundled with physical and/or virtual debit card(s). Online and internet/app enabled banking will also be offered with this account/wallet. However, following services shall not be offered:

  1. Cheque book or other negotiable instruments.
  2. Credit or overdraft facility. 
g. Sustainability/ Continuity Upon attaining the age of majority, the same account shall be converted into a regular account/wallet, after fulfilling the relevant regulatory requirements.
  1. It is further clarified that the existing instructions on minor account opening shall also remain applicable.
  2. Further, to create awareness among the masses and promote user acceptance of the teen account, banks shall initiate dedicated mass media campaigns and financial literacy drives.
  3. Please acknowledge receipt

Yours sincerely,

Syed Mansoor Ali
Director