# HBL vs UBL: which bank is better for you?

URL: https://which.pk/money/guides/hbl-vs-ubl/
Author: Ahtisham
Updated: 17 Oct 2026

## Summary

HBL and UBL both pay individuals 10% a year on savings up to Rs 10 million (October 2026) and both hold VIS's AAA rating (June 2026). HBL pays more above Rs 10 million (9.5% against 8%) and on one-year term deposits. UBL is cheaper for small balances: free cheque books on all accounts and no low-balance fee on Mukammal, while most HBL accounts charge Rs 50 a month below Rs 40,000. At December 2025 UBL had 2,009 branches in Pakistan and HBL 1,715.

## Key facts

- Savings rate, up to Rs 1 crore: 10% at both (Oct 2026)
- Branches in Pakistan (Dec 2025): UBL 2,009, HBL 1,715
- Credit rating (VIS, Jun 2026): AAA for both
- Free IBFT a month: Rs 25,000 at both

On HBL vs UBL, neither bank wins on everything. Both pay individuals **10% a year** on savings up to Rs 1 crore (October 2026) and both hold VIS's **AAA rating** (June 2026). **UBL** is cheaper if you keep a small balance: under both banks' July to December 2026 schedules, UBL cheque books are free, while most HBL accounts charge Rs 50 a month below Rs 40,000. **HBL** pays more on balances above Rs 1 crore and on one-year term deposits.

**Savings rate for individuals, up to Rs 1 crore:** 10.00% at both (HBL rate sheet for 1 October to 31 December 2026; UBL projected rate sheet for October 2026. Above Rs 10 million: HBL 9.50%, UBL 8.00%.)

## HBL vs UBL at a glance

Rates are from HBL's sheet for 1 October to 31 December 2026 and UBL's for October 2026, so they match for October 2026; UBL sets its rates month by month. Charges are from both banks' July to December 2026 schedules and exclude tax unless marked. Bank figures are from VIS rating reports dated 30 June 2026.

| | HBL | UBL |
|---|---|---|
| Credit rating (VIS) | AAA / A1+ | AAA / A1+ |
| Branches in Pakistan, December 2025 | 1,715 | 2,009 |
| Islamic branches, December 2025 | 608 | 752 (UBL Ameen) |
| Deposits, December 2025 | Rs 5,230.8 billion | Rs 5,168.4 billion |
| Deposits, March 2026 | Rs 5,071.2 billion | Rs 5,394.4 billion |
| Savings rate, up to Rs 10 million | 10.00% | 10.00% |
| Savings rate, Rs 10 million to Rs 50 million | 9.50% | 8.00% |
| Low-balance fee | Rs 50 a month below Rs 40,000 on most accounts | None on Mukammal and Asaan |
| Cheque book | Rs 40 a leaf unless waived | Free on all accounts |
| SMS alerts for branch transactions | Rs 325 a month unless waived | Rs 250 + FED a month |
| PayPak debit card, yearly | Rs 2,000 | Rs 2,000 |
| Visa debit card, yearly | Rs 3,000 | Rs 2,900 (Premium) |
| Other bank's ATM | Rs 35 | Rs 35 |
| Free IBFT a month | Rs 25,000 | Rs 25,000 |
| Owner | Aga Khan Fund for Economic Development | Bestway Group (64%) |

## HBL vs UBL: which pays more profit?

Up to Rs 10 million, they pay the same in October 2026: **10%** a year for individuals. That is SBP's minimum. According to an Allied Bank explainer (we couldn't open SBP's site), as of 15 September 2026 banks must pay individuals at least 10% on savings up to a Rs 10 million average balance.

The difference starts above Rs 1 crore, where the minimum no longer applies:

| Monthly average balance | HBL savings | UBL savings |
|---|---|---|
| Up to Rs 10 million | 10.00% | 10.00% |
| Rs 10 million to Rs 50 million | 9.50% | 8.00% |
| Rs 50 million to Rs 100 million | 9.50% | 8.00% |
| Above Rs 100 million | 9.50% | 8.50% |

Both banks pay profit twice a year on their basic savings account (HBL PLS Savings, UBL Savings Account). For **monthly profit**, HBL has Mahana Amdan and Daily Munafa, and UBL has Mahana Aamdani, Urooj Savings and Zindagi, all at 10% up to Rs 10 million.

On the **one-year term deposits** we compared, HBL pays more. HBL Advantage paid 10.20% with monthly profit or 10.60% at maturity (1 October to 31 December 2026). On UBL's October 2026 sheet, the Mahana Aamdani Term Deposit (monthly profit) paid 9.50%, Profit COD at maturity 9.00% (9.38% effective) and the regular term deposit 8.75% for one year. To compare more banks, see [savings account profit rates](/money/guides/savings-account-profit-rates/).

## HBL vs UBL: which is cheaper to run?

UBL, if your balance is small. Its July to December 2026 schedule lists **free cheque books on all accounts**, and its **Mukammal** current account has no minimum balance charge. UBL's free debit card annual fee and free SMS alerts on Mukammal need a Rs 25,000 year-to-date average balance; the first card is always free.

HBL charges **Rs 50 a month** (including tax) when your monthly average balance is below **Rs 40,000**, on most current and savings accounts. Its PLS Savings, Conventional Current, Asaan and Basic Banking accounts are exempt. HBL's free cheque books and branch SMS alerts on Freedom, Haryali and Conventional Current also need Rs 40,000.

| If you keep... | Cheaper bank | Why |
|---|---|---|
| Under Rs 25,000 | UBL | Free cheque books; no low-balance fee on Mukammal or Asaan |
| Rs 25,000 to Rs 40,000 | UBL | Mukammal waivers start at Rs 25,000; HBL's start at Rs 40,000 |
| Rs 40,000 or more | Similar | Both waive cheque books and branch SMS alerts on their main current accounts |

Some charges are close. Branch SMS alerts cost Rs 325 a month at HBL and Rs 250 plus FED at UBL unless waived. A stop-payment instruction costs Rs 1,000 at HBL and Rs 600 at UBL, and a cheque returned for low balance costs Rs 1,000 at both. For more banks, see [bank charges in Pakistan](/money/guides/bank-charges-pakistan/).

## What are HBL to UBL transfer charges?

Sending money between HBL and UBL is an interbank transfer (IBFT). Under both banks' July to December 2026 schedules:

- **Free up to Rs 25,000 a month** in total through the app, internet banking or ATM
- **Above Rs 25,000:** 0.1% of the amount or Rs 200, whichever is lower, including tax
- **Raast:** UBL lists transfers through Raast as free

At a UBL branch counter, an IBFT costs Rs 200. For how Raast works, see [Raast](/money/guides/raast/).

## HBL vs UBL Asaan account

The Asaan accounts are almost identical. Both hold up to **Rs 3 million** and allow **Rs 1 million** of withdrawals a month. Both are for resident Pakistanis opening their first account with that bank, one per CNIC.

| | HBL Asaan | UBL Asaan |
|---|---|---|
| Maximum balance | Rs 3 million | Rs 3 million |
| Monthly withdrawals | Rs 1 million | Rs 1 million |
| Profit | None (current account only) | Savings version available, 10% (October 2026) |
| Opening | CNIC or SNIC | CNIC, self-declaration and as little as Rs 100 |
| Low-balance fee | None | None |

So if you want an Asaan account that earns profit, UBL offers one and HBL doesn't. For other banks, see [Asaan account](/money/guides/asaan-account/).

## HBL vs UBL freelancer account

Both are rupee current accounts with no profit, opened with a dollar **ESFCA** (Exporter's Special Foreign Currency Account). At both banks you can keep **USD 5,000 a month or 50%** of your foreign earnings, whichever is higher.

| | HBL Freelancer Digital | UBL Freelancer |
|---|---|---|
| How to open | Online; decision within 2 working days | Branch or online; ESFCA at a branch |
| Who | New to HBL only (existing customers can tag an account) | Resident freelancers paid from abroad |
| Minimum balance | None | Waivers need Rs 25,000 year-to-date average |
| Debit card | PayPak free in year one | First card free; annual fee waived at Rs 25,000 |
| IBFT and other-bank ATM | Normal charges | Listed as free (with the Rs 25,000 waiver) |

UBL's page also asks for an export agreement or freelancer undertaking, with a PSEB certificate optional for tax relief. For other ways to get paid, see [freelancer payment methods](/business/guides/freelancer-payment-methods-pakistan/).

## Is HBL or UBL safer and bigger?

Both are equally rated. VIS rates both **AAA long-term and A1+ short-term** (rating date 30 June 2026), its top grades.

- **Deposits:** at December 2025, HBL held Rs 5,230.8 billion, a 12.6% share of deposits, and UBL Rs 5,168.4 billion, a 10.9% share. By March 2026 the order had flipped: UBL Rs 5,394.4 billion, HBL Rs 5,071.2 billion.
- **Branches:** at December 2025, UBL had 2,009 branches in Pakistan, up from 1,474 a year earlier after Silk Bank was merged into it during 2025, and HBL had 1,715. VIS's latest figures are 1,723 for HBL (March 2026) and 2,033 for UBL.
- **Islamic banking:** at December 2025, UBL ran 752 Islamic branches under UBL Ameen and HBL 608.

**What we didn't compare:** We didn't compare the HBL and UBL mobile apps, because we found no reliable dated data. We also left out HBL Islamic and UBL Ameen accounts, which follow separate profit rules. For a fully Islamic option, see [Meezan Bank vs other banks](/money/guides/meezan-bank-vs-other-banks/).

For every account at each bank, see [HBL accounts](/money/guides/hbl-accounts/) and [UBL accounts](/money/guides/ubl-accounts/).

More guides: [HBL credit cards](/money/guides/hbl-credit-cards/), [UBL credit cards](/money/guides/ubl-credit-cards/), [best bank in Pakistan](/money/guides/best-bank-in-pakistan/), [Bank Alfalah accounts](/money/guides/bank-alfalah-accounts/), [Money](/money/).

## Questions people ask

### HBL vs UBL: which is better?

Neither wins on everything. Both pay 10% on savings up to Rs 10 million and both are rated AAA by VIS (June 2026). UBL suits small balances, with free cheque books and a no-minimum-balance current account; HBL pays more above Rs 10 million and on one-year term deposits.

### Is HBL or UBL bigger?

It depends on the date. At December 2025 HBL had slightly more deposits, Rs 5,230.8 billion against UBL's Rs 5,168.4 billion (a 12.6% share against 10.9%); by March 2026 UBL had more, Rs 5,394.4 billion against Rs 5,071.2 billion, according to VIS. UBL has more branches in Pakistan: 2,009 against HBL's 1,715 at December 2025, after it absorbed Silk Bank in 2025.

### What are HBL to UBL transfer charges?

Both banks let you send up to Rs 25,000 a month to other banks free through their app, internet banking or ATMs. Above that, each transfer costs 0.1% of the amount or Rs 200, whichever is lower, under their July to December 2026 schedules. UBL also lists transfers through Raast as free.

### How many branches does HBL have in Pakistan?

1,723 as of March 2026, including 609 Islamic banking branches, according to VIS. HBL also has 25 branches abroad.

### Which bank has a better freelancer account, HBL or UBL?

They work the same way: a rupee current account with a dollar ESFCA, keeping USD 5,000 a month or 50% of earnings, whichever is higher. HBL's opens fully online for people new to HBL. UBL's ESFCA must be opened at a branch, but its July to December 2026 schedule lists free IBFT and other-bank ATM withdrawals if you keep a Rs 25,000 year-to-date average balance.

## Sources

- [Habib Bank Limited rating report, 30 June 2026](https://docs.vis.com.pk/RatingReports/OP_00081501034_000815.pdf), VIS Credit Rating Company (accessed 17 Oct 2026)
- [United Bank Limited rating report, 30 June 2026](https://docs.vis.com.pk/RatingReports/OP_00082501032_000825.pdf), VIS Credit Rating Company (accessed 17 Oct 2026)
- [Indicative and Annualized Rates on Deposits, 1 October to 31 December 2026](https://www.hbl.com/assets/documents/Indicative_and_Annualized_Rates_on_Deposits_w.e_.f_._01_.10.2026_to_31_.12.2026.pdf), HBL (accessed 17 Oct 2026)
- [Projected Rate Sheet, October 2026](https://www.ubldigital.com/portals/0/Pdf/Projected-Rate-Sheet-October-2026.pdf), UBL (accessed 17 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 17 Oct 2026)
- [Schedule of Charges, July to December 2026](https://ubldigital.com/portals/0/Pdf/UBL-SOC-July-to-December-2026.pdf), UBL (accessed 17 Oct 2026)
- [HBL Asaan Account](https://www.hbl.com/personal/accounts/current/hbl-asaan-account), HBL (accessed 17 Oct 2026)
- [UBL Asaan Account](https://ubldigital.com/Deposits/UBLAsaanAccount), UBL (accessed 17 Oct 2026)
- [HBL Freelancer Digital Account](https://www.hbl.com/personal/accounts/current/hbl-freelancer-digital-account), HBL (accessed 17 Oct 2026)
- [UBL Freelancer Account and ESFCA](https://www.ubldigital.com/UBL-Freelancer-Account), UBL (accessed 17 Oct 2026)
- [SBP Policy Rate Explained for Savers](https://www.abl.com/sbp-policy-rate-explained/), Allied Bank (accessed 17 Oct 2026)