Alfalah Mahana Amdan

Alfalah Mahana Amdan is a 3 year TDR with expected rate of profit of 10% p.a. This term deposit will provide an opportunity to individual/joint customers to enjoy higher returns that will automatically be credited to his/her current/PLS/RP/BBA account on 1st working day of each month.

This facility is not available for business and corporate customers.


Some salient features

1.

Minimum placement limit is Rs. 100,000/- and maximum placement limit is Rs.15,000,000/-

2.

Expected Rate of profit is 10% Per annum (as per PLS governing rules)

3.

Profit will be automatically credited on the 1st working day of each month into customers Current/PLS/RP/BBA account

4.

Free Personal Accident Insurance coverage up to the deposit amount or Rs. 1,500,000/- whichever is lower.

5.

Customer can avail financing facility up to 90% of the deposit(as per banks policy)

6.

Any Pakistani resident over the age of 18 can open this account

7.

Alfalah Mahana Amdan term deposit can be maintained only at any one BAL branch with a maximum cap of Rs. 15 Million. An undertaking shall be obtained from the customer certifying that he/she is not availing Alfalah Mahana Amdan Term Deposit Receipt facility from any other BAL branch.(included in AOF)

8.

Alfalah Mahana Amdan TDR will be issued for three years tenure with auto renewal facility of principal amount i.e. the facility will be renewed automatically on maturity (i.e. 3 years)

9.

Alfalah Mahana Amdan TDR will be subject to Zakat, Withholding Tax as well as any other applicable taxes


FAQs

1.

Who can avail this facility?
Any Pakistani resident over the age of 18 years can avail this facility. This facility is offered only to individual/joint customers. Other customers like companies, corporate etc are not eligible to avail this facility.

2.

Is the customer required to have a checking account with BAL?
Yes. The Customer must be maintaining a Pak Rupees checking account with BAL and TDR facility shall be availed from the same branch.

3.

What is the minimum & maximum placement limit for availing this facility?
Minimum placement limit is Rs. 100,000 and maximum placement limit is Rs. 15,000,000.

4.

What is the tenure of this TDR?
The Alfalah Mahana Amdan Term Deposit Receipt will be issued for three years tenure with auto renewal facility.

5.

When will the profit be credited in the account?
Profit will be credited on 1st working day of each month to the customer’s account after deducting applicable WHT, etc.

6.

What is the amount of benefit of Personal Accident Insurance Coverage?
The maximum amount covered is upto the deposit amount or Rs.1, 500,000 whichever is lower.

7.

Is there any detailed medical examination required before the facility can be availed?
No medical examination/health declaration is required.

8.

How long is the insurance valid?
The insurance policy will remain valid under the following conditions:

a. Till the time depositor maintains his/her funds under the product Alfalah Mahana Amdan Term Deposit.

b. Till the time age of the customer remains within the bracket of 18 years to 60 years.

9.

How insurance benefit will be given in case of joint account?
In case of a joint account the amount of insurance cover will be proportionately divided (equally) among the joint account holders.

10.

What happens on the maturity of TDR?
The TDR will be auto renewed for the next term at the prevailing rate of profit. In case, the customer is willing to encash the funds at the time of maturity, he/she will furnish the request at least 3 working days prior to its maturity date in writing to the branch to encash his/her TDR and credit the principal amount to his/her account (as mentioned in application form)

11.

Is premature encashment allowed?
Yes, premature encashment is allowed. However, in such cases system will calculate profit amount at the prevailing rate of normal TDR depending upon the nearest period bracket completed. For example, if premature encashment is made after 1 year & 11 months, the 1 year prevailing profit rate of normal TDR will be applied on number of days funds remain placed with the bank. Rate differential on already paid profit will be adjusted from the principal amount.

12.

Is there any premium penalty on premature encashment?
In case of any premature encashment upon customer request, prevailing premium rate (i.e. Rs. 140/- per deposit of Rs. 100,000/-) shall be recovered from the customer for the current year and will be deducted from the principal amount.

13.

How many Alfalah Mahana Amdan TDR facilities can be availed by one customer?
Customer can maintain Alfalah Mahana Amdan Term Deposit only at any one BAL branch, with a maximum cap of Rs. 15 million. An undertaking shall be obtained from the customer certifying that he/she is not availing Alfalah Mahana Amdan TDR facility at any other branch.

14.

What shall be the procedure if a customer is found maintaining more than one Alfalah Mahana Amdan TDR facility at any other BAL Branch?
In case a customer is found maintaining placement at more than one branch than all subsequent Alfalah Mahana Amdan Term Deposit Receipts availed at any other branch shall be treated as normal TDR and profit shall be paid as per prevailing normal TDR rates. Rate differential on already paid profit will be adjusted from the principal amount.

15.

What shall be the procedure if a customer is found maintaining placement of more than 15 million?
In case a customer is found maintaining placement for more than 15 million, all subsequent placements exceeding Rs. 15 million shall be treated as normal TDR and profit shall be paid as per prevailing normal TDR rates. Rate differential on already paid profit will be adjusted from the principal amount.