Overview
Bank Alfalah Islamic Senior Citizens Term Deposit is designed exclusively for senior citizens seeking financial stability after retirement. The account offers attractive profits with tiered returns, flexible tenures, and complete peace of mind.
What you get
- High returns with multiple-tiered profit rates.
- Flexible tenures ranging from 1 month to 1 year.
- Monthly profit payouts for consistent income.
- No maximum deposit limit.
- Free takaful coverage of up to PKR 2 million.
- Preferred banking services on maintaining eligible balances.
- Shariah-compliant savings based on Mudarabah.
Features & Benefits
Eligibility
- Available for all Bank Alfalah Islamic Current and Saving Account holders.
Deposit Requirements
- Minimum deposit: PKR 100,000.
- Additional deposits in multiples of PKR 50,000.
- No maximum deposit limit.
Flexible Tenures
- At maturity: 1, 3, 6 months & 1 year.
- Monthly profit option: 1 year.
Profit Payout
- Profit paid monthly.
- Multiple-tiered term deposit with higher returns on higher balances.
Takaful Protection
- Free accidental death & permanent disability takaful coverage up to PKR 2 million.
- Applies when maintaining an average monthly balance of PKR 10,000.
Preferred Banking Benefits
- Enjoy exclusive free services.
- Maintain PKR 1 million or equivalent FCY balance across accounts.
Shariah Compliance
- Based on the principle of Mudarabah.
Premature Encashment
- Profit paid as per declared monthly profit rates for completed tenure.
Other Terms
- Profit distribution as per prevailing pool management guidelines.
- Zakat and withholding tax apply as per government rules.
Required Documents
- Valid CNIC/NICOP/SNIC.
- Proof of income/funds (if required).
- Recent passport-size photograph.
- Existing Bank Alfalah Islamic account details.
Apply Now
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