It is a recurring term deposit which provides a long term low risk and high return avenue for savings with flexible payment options and affordable denominations to our depositors.
ALFALAH ISLAMIC RECURRING VALUE DEPOSIT- FAQs
Yes, a checking account (PKR) is mandatory for any depositor willing to open Alfalah Islamic Recurring Value Deposit.
The Recurring Value Deposit may be booked by the customer for different tenors ranging from 3 years to 10 years.
Profit will be calculated daily and accrued monthly, which will be paid at maturity.
No, the Alfalah Islamic Recurring Value Deposit can only be booked in Pakistan Currency.
Alfalah Islamic Recurring Value Deposit can be opened by all types of customers except for joint account holders, FCY accounts and commercial entities/corporations
The payments can be received through any of the four mentioned installment plan – Monthly, Quarterly, Semi-annually and Annually.
Installments can be received with the minimum monthly payment of Rs.2,000/- and minimum annual payment of Rs.24,000/-. There are no maximum limit of payments for any installment plan.
Yes, a customer can book more than one Recurring Value Deposit at any point in time.
Zakat will be deducted as per Zakat and Ushr Ordinance 1980, unless customer has submitted a Zakat exemption declaration on prescribed Performa (CZ-50) for exemption from deduction of Zakat.
Withholding tax where applicable will be automatically deducted from the accrued profit & principal as per the provisions of Income Tax laws.
The branch will inform the customer about the non-availability of funds in his/her checking account for auto-debit. The installment would be deducted if the funds are made available.
However, if funds remain unavailable till the 10th of the month despite the intimation, the accumulated Recurring Value Deposit balance and the profit will be deposited in the customer’s checking account from where the deposit was initially booked and the deposit shall stand dissolved.
In case of premature encashment the value of the investment on that date will be provided to the customer along with the principal.
Yes, the roll over option can be opted by the customer and the initial installment plan would be applicable.
No. However, a customer can re-book the Recurring Value Deposit as per the Recurring Value Deposit account opening procedure in order to get a new installment plan
The account will be marked as deceased and the installments would not be deducted any further. The profit along with the principal will be deposited in the customer’s checking account and other formalities would be completed as per RBOM-IBG.
The profit rates will be finalized as per bank’s pool management guidelines.
Alfalah Islamic Recurring Value Deposit is based on the concept of Mudarabah.
