Business Value Account

Silkbank Business Value Account is a unique business current account that offers protection & transactional benefits specifically designed for catering to your daily business requirements.

Now introducing for the first time in Pakistan, Silkbank Business Value Account which provides you with free comprehensive business inventory coverage up to Rs.1 Crore, arranged through Saudi Pak Insurance Company Limited. Not only that, you will also receive free protection against cash snatching for cash withdrawals from ATMs or Silkbank branches.

As a customer you are also entitled to a host of free banking facilities including cheque books, pay orders, intercity transactions and your very own Silkbank VISA Debit Card which provides exclusive discounts at over 100 partner outlets nationwide, in addition to free statements, SMS Alerts and Silkbank-Direct Internet Banking.

To get this amazing offer, call now at 111-100-333 or visit your nearest Silkbank branch.

Free Banking Facilities

Free Cheque Books
With your Silkbank Business Value Account, you have the freedom of writing unlimited cheques – free of charge! Just maintain a monthly average balance of Rs.100,000 and write unlimited cheques absolutely free.

Free Pay Orders & Demand Drafts
By maintaining a monthly average balance of Rs.100,000 in your Silkbank Business Value Account, you can issue free pay orders and demand drafts from your account as per the Bank’s Schedule of Charges.

Intercity Transactions - Free of Charge! By maintaining a monthly average balance of Rs.100,000 in your Silkbank Business Value Account, you can carry out free intercity transactions as per the Bank’s Schedule of Charges.

Cash & Shopping Access through VISA Debit Card – Free!
You can use your VISA Debit Card at over 54,000 retailers in Pakistan and millions of retailers internationally. You can also use it to withdraw cash at over 4,000 ATMs nationwide, including Silkbank’s own network. In case of loss or theft, you are also protected against fraudulent transactions made on your card. Your Visa Debit Card is free subject to maintenance of monthly average balance of Rs. 100,000.

Track Your Balances Through E-Statements - Free!
With the Silkbank Business Value Account, you can track your account through daily, weekly, monthly, quarterly or half-yearly e-statements which will be emailed to you at the frequency of your choice absolutely free.

Stay Informed Through Free SMS Alerts!
With the Silkbank Business Value Account, you can now get free SMS Alerts for transactions on the account of your choice. Just maintain a monthly average balance of Rs.100,000 and receive SMS Alerts free of charge.

Free Internet Banking
With the Silkbank Business Value Account, you can experience internet and mobile banking through Silkbank-Direct Internet Banking, free of charge. You can view balances, avail services and conduct transactions at your own time and convenience.

Business Inventory Protection

Protect Your Business Inventory Silkbank provides unprecedented security to your shop and business inventory. Silkbank Business Value Account provides coverage up to Rs.10,000,000 per annum against fire, terrorism and natural disasters. The coverage will be dependent upon the monthly average balance of the customer as per the following table:

Monthly Average Balance Sum Insured
Rs.500 – Rs.99,999.99 Rs.200,000
Rs.100,000 – Rs.249,999.99 Rs.500,000
Rs.250,000 – Rs.499,999.99 Rs.1,000,000
Rs.500,000 – Rs.1,499,999.99 Rs.2,500,000
Rs.1,500,000 – Rs.2,499,999.99 Rs.5,000,000
Rs.2,500,000 & above Rs.10,000,000

The details of the coverage are as follows:

Stock and/or inventory belonging to insured customer only Covers stocks and/or inventory only whilst kept within R.C.C structure/constructed premises against any loss arising out of Fire & Allied Perils i.e. (Fire & lightning, Riot & strike, Acts of malicious persons, Explosion, Earthquake, Fire Shock, Atmospheric Disturbance including floods, Aircraft Damage and Impact Damage).

Specific Exclusions 1. Mysterious Disappearance
2. Spontaneous Combustion
3. Bullion, cash, currency notes, bills, exchange shares or stock certificates, rare coins, rare stones
4. Paintings, works of art & antiques

Terrorism
Covers contents/stocks only against physical loss or physical damage by an Act of Terrorism or Sabotage.

Specific Exclusions
1. Loss or damage by war, invasion or warlike operations (whether war be declared or not),  hostile acts of sovereign or Government entities, civil war, rebellion, revolution, insurrection, riots, strikes or civil commotion assuming the proportions of or amounting to an uprising, military or usurped power or martial law or confiscation by order of any Government or public authority
2. Loss due to nuclear, chemical or biological release or exposure of any kind
3. Any consequential loss or damage caused by any other ensuing cause
4. Loss or damage caused by or arising out of burglary, house-breaking, theft or larceny or caused by any person taking part therein
5. Spontaneous combustion
Note: If at the time of any loss or damage happening to any property hereby insured, there be any other subsisting insurance or insurances, whether affected by the insured or by any other person or persons, covering the same property, the insurer Saudi Pak Insurance Company Limited shall not be liable to pay or contribute more than its ratable proportion of such loss or damage.

Claim Process
To file a claim, the customer has to contact the nearest Silkbank branch or call the Silkbank Contact Center on 111-100-777 to inform about the incident immediately. Once the incident has been reported, he/she needs to fill out the Insurance Claim Form, which is available on our website and at all Silkbank branches. Further, the following documents to be attached are:
1. CNIC copy
2. Detailed statement
3. Police Report
4. Fire Brigade’s Report in case of loss arising out of fire
5. Other important documents (specified by the Bank)

Cash Protection

Worry-free Cash Withdrawals
Liberate yourself from the fear of being robbed of your cash. Silkbank Business Value Account provides you cover against hold-up & cash snatching up to Rs.25,000 per annum for ATM and over-the-counter cash withdrawals across Pakistan. The coverage applies to primary account holder or authorized signatory. The details of the coverage are as follows:

Cash Withdrawal from ATM
Loss of cash withdrawn from any ATM by customer across Pakistan, during transit by reason of robbery and/or armed hold-up and/or forced snatching of money, within a radius of 2km and within prescribed time limit of thirty (30) minutes whichever come first

Cash Withdrawal from OTC
Loss of cash, during transit pursuant to withdrawal over the counter (“OTC”) from the Bank’s branch(es) across Pakistan, by insured customer by reason of robbery and/or armed hold-up and/or forced snatching of money, within a radius of 1km and within prescribed time limit of thirty (30) minutes whichever come first

Limit
Two (2) insured events up to maximum Rs. 25,000/- in aggregate during the period of Insurance

Specific Exclusions
Excluding losses arising out of or attributable to directly or indirectly to the following:
1. Fraud or dishonesty of insured or the Bank’s employee
2. Cash withdrawn by any person other than insured
3. Events other than violent, forcible and visible snatching/robbery
4. Any Loss/Damage which are consequential in nature
5. Events outside the Territorial, Prescribed time, and Radius limits
6. Convulsion of Nature
7. Fire, Aerial Device Damage
8. Malicious Damage
9. Sabotage war, invasion, act of foreign enemy, hostilities or warlike operations (whether war has been declared or not), civil war, rebellion, revolution, insurrection, civil commotion

Claims Process
To file a claim, the customer has to contact the nearest Silkbank branch or call the Silkbank Contact Center on 111-100-777 to inform about the incident immediately. Once the incident has been reported, he/she fills out the Insurance Claim Form, which is available on our website and at all Silkbank branches. Further, the following documents are also required to be submitted:
1. ATM receipt (in case of ATM withdrawals)
2. Bank statement (in case of over-the-counter withdrawals)
3. Police report
4. CNIC copy
5. Other important documents (specified by the Bank)

Coverage Fees & Claims Process

How to Get This Ultimate Protection – Free!
You get all of the above protection free of cost by maintaining a monthly average balance of Rs.100,000 in your Business Value Account.

You’re Always Protected
Even if your monthly average balance falls below Rs.100,000, you can still get complete protection for a nominal charge of Rs.500 per month, charged upfront to ensure that you are not exposed at any time. Please note that if your account does not have at least Rs.500, you will not be eligible for any protection benefits.

Effortless Claims Process
To file a claim, fill out the Insurance Claim Form, also available at all Silkbank branches. You may be required to attach additional documents as evidence. Please note that Insurance is provided by Saudi Pak Insurance Company Limited for which all premiums are paid by Silkbank. Silkbank reserves the right to terminate the Insurance coverage on a written notice of 30-days to the customer.

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