Target Savings Deposit
With Target Savings Deposit, you can now choose your choice of savings plan starting from a minimum value of PKR 2,000/- only. Let your savings grow each month while having the liberty to enjoy increased halal profit each month deposited in your checking account.
| Eligibility Criteria | All Individual & Joint Bank Alfalah Islamic Current and Saving Accountholders. |
| Instalment Frequencies | Monthly, Quarterly, Semi-annual and Annual instalment plans available |
| Minimum Deposit | Monthly – PKR 2,000/-
Quarterly – PKR 6,000/- Semi-Annually – PKR 12,000/- Annually – PKR 24,000/-
Instalment in multiples of PKR 2,000 only. |
| Tenures Available | Minimum of 1 years to up to maximum of 10 Years |
| Product Features |
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| Missed Installments | Not being able to pay the installment until the 10th working day of the month when due, will violate the contract and the product will be liquidated automatically. In such cases the customer will be returned the accumulated balance and the profit as per latest declared rates |
| 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
