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Falah Senior Citizens Savings AccountFalah Senior Citizens Savings Account

Falah Senior Citizens Savings Account

With Falah Islamic Senior Citizen Savings Account, you can now have a high return yielding Savings Avenue with increased profit on higher deposit levels. The product provides senior citizens with financial safety and independence so that they can spend their retirement in peace.

Eligibility Criteria Pakistani National with CNIC/NICOP/SNIC aged 55 and above Individuals and joint accountholders. In case of joint applicants, the primary applicant should be at least 55 years of age or above, and the other joint account holder must be at least 18 years of age
Initial Deposit PKR 100/-
Product Features
  • Profit-bearing tiered savings account
  • No maximum or minimum balance limits
  • Unlimited number of withdrawals and deposits
  • Profit calculation on daily balance basis
  • Monthly profit disbursement
Benefits
  • Free SMS alerts
  • Free unlimited cheque books
  • Free ATM/Debit Card (Only Classic, Gold or PayPak with no issuance or annual charges)
  • Free Banker’s Cheque (Issuance, Duplicate issuance and cancellation)
  • Free six monthly statement of account in hard copy (if e-statement has not been opted)
  • Free monthly e‐Statements
  • Free online transactions nationwide
  • BAFL Islamic Senior Citizens Privilege Certificate shall be given to all Falah Senior Citizens Account holders and which shall allow the customers to have a priority branch experience and to avail fastened services at branches such as fast tracked utility bill payments, cash withdrawals
    etc.
Additional Benefits On maintaining, an average monthly balance of PKR 10,000/- in your checking account, get free accidental death and permanent disability takaful coverage of up to PKR 2 Million.

On maintaining a minimum monthly average balance of PKR 1m or equivalent FCY deposit in current/savings/term deposit accounts, avail numerous free services as per our preferred banking services.

Underlying Principle This product is based on the concept of Mudarabah

Note:

  • Profit calculation & distribution will as per prevailing pool management guidelines
  • All the free services are subject to the terms and conditions as per prevailing Schedule of Charges
  • Withholding Tax and Zakat is applicable as per existing policy of Government