# Best banks in Pakistan for everyday banking, compared

URL: https://which.pk/money/guides/best-bank-in-pakistan/
Author: Ahtisham Imtiaz
Updated: 10 Oct 2026

## Summary

There is no single best bank in Pakistan for everyone. HBL, UBL, MCB, NBP, Allied Bank, Bank Alfalah, Bank AL Habib and Meezan Bank all hold AAA ratings as of June 2026, and deposits at each are protected up to Rs 1,000,000 per bank. UBL had the most branches we could confirm, 2,033. At the four banks whose fee schedules we could open, everyday fees are close: Rs 35 at other banks' ATMs and free transfers up to Rs 25,000 a month. Meezan is a full-fledged Islamic bank.

## Key facts

- Deposit protection: Rs 10 lakh per bank
- Credit rating: AAA at all 8 banks
- Other-bank ATM: Rs 35 a withdrawal
- Free transfers: Rs 25,000 a month

There is no single best bank in Pakistan for everyone, because all eight large banks we checked hold the same top credit rating. **HBL, UBL, MCB, NBP, Allied Bank, Bank Alfalah, Bank AL Habib and Meezan Bank all hold AAA ratings** as of June 2026, and your deposits at each are protected up to **Rs 10 lakh per bank**. The real differences are branch reach, Islamic or conventional banking, and small fee gaps. UBL has the most branches we could confirm (2,033); Meezan is a fully Islamic bank.

**Deposit protection per person, per bank:** Rs 1,000,000 (Deposit Protection Corporation, since 1 October 2024; covers current, savings, term and foreign currency accounts)

## Which bank is best in Pakistan? How the big eight compare

We compared the banks on what you can check: credit rating, size, branches and Islamic branches. We give no scores, because which.pk only scores with a published method and we have no banking method yet. Ratings are each agency's long-term entity rating. Deposits are for December 2025, from the same rating documents.

| Bank | Rating (agency, date) | Deposits, Dec 2025 | Branches in Pakistan | Islamic branches | Owner |
|---|---|---|---|---|---|
| HBL | AAA (VIS, 30 Jun 2026) | Rs 5,230.8 billion | 1,723 (Mar 2026) | 609 | Aga Khan Fund for Economic Development |
| UBL | AAA (VIS, 30 Jun 2026) | Rs 5,168.4 billion | 2,033 (Mar 2026) | 775 | Bestway |
| NBP | AAA (PACRA, 23 Jun 2026) | Rs 4,429.3 billion | 1,503 | Not stated | Government of Pakistan |
| Meezan Bank | AAA (VIS, 30 Jun 2026) | Rs 3,302.8 billion | 1,115 (Mar 2026) | All (Islamic bank) | Not stated |
| Bank Alfalah | AAA (PACRA, 24 Jun 2026) | Rs 2.496 trillion | 1,186 | Not stated | Abu Dhabi Group |
| Allied Bank | AAA (PACRA, 24 Jun 2026) | Rs 2.35 trillion | 1,535 | 302 | Ibrahim Group |
| MCB Bank | AAA (PACRA, 23 Jun 2026) | Rs 2.26 trillion | Not stated | Not stated | Nishat Group |
| Bank AL Habib | AAA (PACRA, 23 Jun 2026) | Not stated | 1,329 (Mar 2026) | 398 | Not stated |

"Not stated" means the 2026 rating document didn't give the figure and we didn't use another source. HBL, UBL and Meezan figures are from VIS reports; the rest are from PACRA releases. The two agencies may not count deposits the same way, so read the column as rough size.

VIS puts HBL's share of domestic deposits at **12.6%** (December 2025), UBL's share of deposits at **10.9%** (2025) and Meezan's at **8.8%** (December 2025).

## Which is the safest bank in Pakistan?

On the evidence, the eight banks look similar on safety for an ordinary account. Three things back this up.

**Credit ratings.** All eight hold AAA, the top long-term rating, from PACRA or VIS. Every one was reaffirmed or maintained in June 2026 with a stable outlook.

**Deposit protection.** The Deposit Protection Corporation (DPC), a State Bank subsidiary, guarantees up to **Rs 1,000,000 per depositor per bank**. The limit doubled from Rs 500,000 on 1 October 2024. It covers current, savings, branchless banking, term deposit and foreign currency accounts, plus unpaid profit; foreign currency is paid out in rupees. DPC collects premiums for Islamic and conventional deposits in separate pools, and banks may not pass the premium on to you. All eight banks above are on DPC's member list as of 30 March 2026, along with 25 other banks.

**Systemic importance.** In August 2026 the State Bank (SBP) named **UBL, HBL and NBP** as domestic systemically important banks (D-SIBs) for 2026. These banks must hold extra capital from 31 March 2027 and face closer supervision.

**Keeping more than Rs 10 lakh?:** The Rs 1,000,000 limit is per person, per bank. If you hold more, splitting it across DPC member banks, up to Rs 10 lakh at each, keeps all of it protected.

## Which bank has the most branches?

Of the banks whose 2026 rating documents give a count, **UBL** had the most, with **2,033** branches in Pakistan as of March 2026. That jump (from 1,474 at the end of 2024) came after Silk Bank was merged into UBL in 2025. HBL followed with 1,723, Allied Bank with 1,535 and NBP with 1,503 domestic branches.

NBP is majority-owned by the government and is its agent bank. Meezan had 1,115 branches in 365 cities.

## Which bank is cheapest for everyday banking?

For the four banks whose July to December 2026 fee schedules we could open, everyday costs are close to identical as of October 2026:

| Bank | PayPak debit card, yearly | Visa debit card, yearly | Cash at another bank's ATM | Transfers to other banks |
|---|---|---|---|---|
| HBL | Rs 2,000 (PayPak) | Rs 3,000 (Visa Chip) | Rs 35 | Free to Rs 25,000 a month |
| UBL | Rs 2,000 (PayPak) | Rs 2,900 (Visa Premium) | Rs 35 | Free to Rs 25,000 a month; Raast free |
| MCB Bank | Rs 2,200 (PayPak Classic) | Rs 3,300 (Visa Silver) | Rs 35 | Free to Rs 25,000 a month; Raast free |
| Allied Bank | Rs 2,200 (PayPak basic) | Rs 3,000 (Visa Classic) | Rs 35 | Free to Rs 25,000 a month; Raast free |

HBL's card fees exclude FED and sales tax, and MCB adds federal excise duty (FED) on top unless stated. We did not confirm this for UBL or Allied Bank. At HBL, MCB and Allied Bank the Rs 35 ATM charge already includes FED.

The transfer rule comes from the State Bank. Banks must keep interbank fund transfers (IBFT) free up to at least **Rs 25,000 a month per account**. After that they may charge 0.1% of the amount or Rs 200, whichever is lower. Transfers within the same bank and incoming transfers must stay free, under the rule in force since 1 July 2021.

Some accounts waive these charges. HBL's Freedom account, for example, gives free other-bank ATM withdrawals and transfers if you keep a monthly average of Rs 40,000 or more, per its July to December 2026 schedule.

We couldn't open the July to December 2026 schedules of Meezan Bank (blocked us) or Bank Alfalah (blocked us), and couldn't find current ones on NBP's or Bank AL Habib's websites. For what banks pay on savings, see [savings account profit rates](/money/guides/savings-account-profit-rates/).

## Which is the best Islamic bank in Pakistan?

**Meezan Bank** is the full Islamic option among the banks we checked, not an Islamic window. It became Pakistan's first full Islamic commercial bank in 2002 and holds AAA from VIS. Over 90% of its deposits were current and savings accounts at the end of 2025.

You don't have to leave a conventional bank to bank Islamically. HBL (609), UBL (775), Bank AL Habib (398) and Allied Bank (302) all run dedicated Islamic branches. By June 2026, 7 full Islamic banks and 16 conventional banks offered Islamic banking. Islamic banks and branches held **29.2% of all deposits**, says SBP.

The 26th Constitutional Amendment (October 2024) asks the state to end riba "as far as practicable" by **1 January 2028**, as reported by Profit. For a closer look, see [Meezan Bank vs other banks](/money/guides/meezan-bank-vs-other-banks/).

## Which bank has the best app?

We found no independent, dated measure of app quality, so we don't rank apps. What the rating documents report is use:

- **HBL Mobile:** over 5 million users in 2025; nearly 90% of HBL's financial transactions went through digital channels.
- **myABL (Allied Bank):** over 2.6 million registered users, plus 2.1 million on WhatsApp banking.
- **MCB Live:** over 1.9 million registered users.

Big user numbers show reach, not ease of use. Install the app and try it before you move your salary. If you want an app-only account, see [digital banks in Pakistan](/money/guides/digital-banks-pakistan/).

## Which bank suits whom?

Each line follows from the evidence above:

- **You want the widest branch reach:** UBL (2,033 branches) or HBL (1,723).
- **You want a government-owned bank:** NBP, majority-owned by the Government of Pakistan and a D-SIB.
- **You want fully Islamic banking:** Meezan Bank. For an Islamic account at a conventional bank, UBL and HBL have the most Islamic branches of those we checked.
- **You want a low card fee:** a PayPak debit card, Rs 2,000 a year at HBL or UBL, against Rs 2,900 to Rs 3,000 for their Visa cards.
- **You keep more than Rs 10 lakh:** split it across DPC member banks.
- **You live abroad:** see [Roshan Digital Account investment](/money/guides/roshan-digital-account-investment/).

For cards, see [credit cards in Pakistan compared](/money/guides/credit-cards-pakistan-compared/). To earn more on spare cash than a bank account pays, see [investment options in Pakistan](/money/guides/investment-options-pakistan/).

More guides: [National Savings certificates](/money/guides/national-savings-certificates/), [freelancer payment methods](/business/guides/freelancer-payment-methods-pakistan/), [Banking & Payments](/money/banking/), [Money](/money/).

## Questions people ask

### Which is the safest bank in Pakistan?

HBL, UBL, MCB, NBP, Allied Bank, Bank Alfalah, Bank AL Habib and Meezan Bank all hold the top AAA rating from PACRA or VIS, as of June 2026. All are members of the Deposit Protection Corporation, which protects up to Rs 1,000,000 per depositor per bank.

### Which bank has the most branches in Pakistan?

Of the banks whose 2026 rating documents give a branch count, UBL had the most: 2,033 branches in Pakistan as of March 2026, after taking over Silk Bank. HBL had 1,723 and Allied Bank 1,535.

### Which is the best Islamic bank in Pakistan?

Meezan Bank is the full-fledged Islamic bank we checked, with 1,115 branches and an AAA rating as of June 2026. HBL, UBL, Bank AL Habib and Allied Bank also run hundreds of Islamic branches.

### Are bank transfers free in Pakistan?

The State Bank requires banks to keep interbank transfers free up to at least Rs 25,000 a month per account. Above that, banks may charge 0.1% or Rs 200, whichever is lower. Raast transfers were free at UBL, MCB and Allied Bank in their July to December 2026 fee schedules.

## Sources

- [DPC Circular Letter No. 03 of 2024: guarantee amount raised to Rs 1,000,000](https://www.mcbislamicbank.com/assets/Circular-Letter-No-03-2024.pdf), Deposit Protection Corporation (accessed 10 Oct 2026)
- [DPC Circular Letter No. 02 of 2026: member institutions](https://dpc.org.pk/Circulars/2026/CL_02.pdf), Deposit Protection Corporation (accessed 10 Oct 2026)
- [D-SIBs for the year 2026 (press release, 21 Aug 2026)](https://www.sbp.org.pk/assets/documents/press-release/PR-21-August-2026.pdf), State Bank of Pakistan (accessed 10 Oct 2026)
- [PSD Circular No. 02 of 2021: Pricing of IBFT services](https://www.sbp.org.pk/psd/2021/C2.htm), State Bank of Pakistan (accessed 10 Oct 2026)
- [Islamic Banking Bulletin, June 2026](https://www.sbp.org.pk/assets/document/publications/Islamic_Banking_Bulletin_-_30_June_2026.pdf), State Bank of Pakistan (accessed 10 Oct 2026)
- [Depositor Protection Mechanism](https://www.hbl.com/sbp-secp-court-notices/depositor-protection-mechanism), HBL (accessed 10 Oct 2026)
- [Rating report: Habib Bank Limited, 30 June 2026](https://docs.vis.com.pk/RatingReports/OP_00081501034_000815.pdf), VIS Credit Rating Company (accessed 10 Oct 2026)
- [Rating report: United Bank Limited, 30 June 2026](https://docs.vis.com.pk/RatingReports/OP_00082501032_000825.pdf), VIS Credit Rating Company (accessed 10 Oct 2026)
- [Rating report: Meezan Bank Limited, 30 June 2026](https://docs.vis.com.pk/RatingReports/OP_00438505007_0004385.pdf), VIS Credit Rating Company (accessed 10 Oct 2026)
- [PACRA Maintains Entity Ratings of MCB Bank Limited](https://www.pacra.com/finalPr/MTU5ODU=), PACRA (accessed 10 Oct 2026)
- [PACRA Maintains the Entity Ratings of National Bank of Pakistan](https://www.pacra.com/finalPr/MTU5ODc=), PACRA (accessed 10 Oct 2026)
- [PACRA Maintains Entity Ratings of Allied Bank Limited](https://www.pacra.com/finalPr/MTU5OTA=), PACRA (accessed 10 Oct 2026)
- [PACRA Maintain the Entity Ratings of Bank Alfalah Limited](https://www.pacra.com/finalPr/MTYwMTk=), PACRA (accessed 10 Oct 2026)
- [PACRA Maintains The Entity Ratings of Bank AL Habib Limited](https://www.pacra.com/finalPr/MTU5OTE=), PACRA (accessed 10 Oct 2026)
- [Schedule of Bank Charges, July to December 2026](https://www.hbl.com/assets/documents/Schedule_of_Bank_Charges_for_July_to_December_2026_%E2%80%93_English.pdf), HBL (accessed 10 Oct 2026)
- [Schedule of Charges, July to December 2026](https://ubldigital.com/portals/0/Pdf/UBL-SOC-July-to-December-2026.pdf), UBL (accessed 10 Oct 2026)
- [Schedule of Bank Charges, July–December 2026](https://www.mcb.com.pk/assets/documents/SOBC-July-December-2026-English.pdf), MCB Bank (accessed 10 Oct 2026)
- [Schedule of Charges, July–December 2026 (Conventional Banking)](https://www.abl.com/wp-content/uploads/2026/06/Schedule-of-Charges-Jul-Dec-2026-Conventional-Banking.pdf), Allied Bank (accessed 10 Oct 2026)
- [26th amendment sets Jan 2028 deadline to end Riba](https://profit.pakistantoday.com.pk/2024/10/21/26th-amendment-sets-jan-2028-deadline-to-end-riba-paves-way-for-interest-free-banking), Profit (Pakistan Today) (accessed 10 Oct 2026)