Are you looking for an easy way to secure your money and earn a profit as well? Alfa Term Deposit is all you need!
With Alfa Term Deposit, you can easily fix a savings amount for 7 days, 1 month, 3 months, 6 months, or 12 months in PKR and for 1 month, 3 months, 6 months, or 12 months in FCY (USD, GBP, EUR) currencies. Profit can be earned on monthly basis or at maturity as per the Bank’s prevailing rate sheet.
You can easily book a Term deposit digitally, anytime, anywhere – without having to go to a branch. Simply download & login to Alfa app, go to ‘Save & Invest’ section, and tap on ‘Alfa Term Deposit’.
Booking in just 10 seconds!
You can book Term deposits digitally through Alfa in just a few seconds with an amount as low as PKR 500 or 100 unit for FCY deposits, with complete flexibility of multiple bookings.
You can easily use your Bank Alfalah Account to book a Term Deposit digitally, with complete protection and safety of your funds.
Simply enter below details
Easily refer to the Term deposit rate sheet while booking by tapping on “View Term Deposit Rates”
PKR Term Deposits: choose from 7 days, 1, 3, 6, or 12 months with profit paid monthly or at maturity. FCY Term Deposits (USD, EUR, GBP): choose from 1, 3, 6, or 12 months with profit paid at maturity only. With Monthly profit payment, you will get profit every month for the duration of your Term deposit and with Maturity profit payment, you will get the accumulated profit amount at the time of completion of your Term deposit.
Customizable Instructions on Maturity
During booking, you will have an option to set the maturity instructions for your Term Deposit.
Conveniently change the maturity instructions at any time. Once the Term deposit is booked with a particular maturity instruction for example, “Encash at Maturity”, Alfa Term deposit gives you the flexibility of changing the instructions, post booking, to “Rollover” or vice versa which is implemented instantly.
Real-Time Encashment
Need your deposited amount back before the completion of the term deposit duration? Easily Encash your term deposit through app and your funds along with the due profit will be credited into your account immediately on a real-time basis.
Note: You will be charged an encashment penalty in the form of a reduced rate of return as per the bank’s prevailing schedule of charges.
In-App Notifications
Digital WHT Certificate
Easy Tracking
You will also get an instant confirmation of Term Deposit Booking through a Digital Term Deposit receipt in a downloadable format and option to share via WhatsApp, Email, Bluetooth etc.
Zakat will be applicable on Digital Term deposits for eligible customers (PKR deposits only). FCY Term Deposits (USD, EUR, GBP) are exempt from zakat.
Rate Sheet
Term and Condition
Key Fact Statement
Alfa Term Deposit is a digitized Term Deposit product on Alfa which offers Term deposit booking within just 10 seconds. It also provides facilities such as digital Term Deposit receipt, flexible maturity instructions, and option to early encash the term deposit. With this product, you can fix your saving deposit by booking a term deposit from 7 days to 1 year and earn profit as per the Bank’s prevailing rate sheet.
Log on to Alfa, go to ‘Save & Invest’ option and tap on ‘Alfa Term Deposit’.
Go to the Alfa Term Deposit section in the app and tap on “Book a Term Deposit”, select the type of Term deposit (Conventional/Islamic) you want to book and proceed on the booking screen.
Islamic account holders will only be able to book the Islamic variant of the Term deposit which is available on the Alfa app. Conventional account holders can book both conventional and Islamic variants through Alfa.
During booking, select zakat exemption and identify as Muslim or Non-Muslim.
If Muslim, email a CZ-50 form copy and CNIC to zakat@bankalfalah.com.
If Non-Muslim, send a declaration and CNIC copy to the same email.
This certificate shows how much tax has been deducted on your profit payments. Tax deduction is automatic and based on your Filer/Non-Filer status.
The rates offered are as per the Bank’s prevailing rate sheet for LCY/FCY PKR Term deposits.
Below customizable instructions are offered (and can be updated later):
Encash at Maturity: Principal and profit deposited into your account at the end of tenure.
Rollover Principal: Principal automatically rolled over for the same tenor and profit disbursed into your account. Rate will be as per prevailing sheet.
Rollover Principal + Profit: Available when profit is set for maturity only; both principal and profit are rolled over. Rate as per prevailing sheet.
Yes, Zakat will be deducted automatically on encashment or maturity as per Zakat and Ushr ordinance on LCY TDR, however Zakat is exempted on FCY TDR.
Yes. Upon early encashment, a revised profit rate will apply as per the bank’s Schedule of Charges
Profit payment frequency is:
Monthly
Maturity
Minimum booking amount allowed is Rs.500 for LCY and 100 Units for FCY. Maximum booking amount is Rs. 500,000,000 for LCY and 2,000,000 Units for FCY.
Alfa Term Deposit tenors are also as per the Bank’s rate sheet, which are as below:
For LCY
7 days
1 month
3 months
6 months
1 year
For FCY
1 month
3 months
6 months
1 year