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This is a saving bank
product available for general public i.e. persons who are eligible to open a saving
account as per our Bank’s criteria. The account can be opened singly or jointly.
This product is designed to attract procure deposit/savings of general public particularly
salaried and small investors.
- A customer can
open only one BOP Ziada Munafa Saving Account singly or jointly regardless of the
branch. In case it is found out that more than one account exists under this category,
the Bank reserves the right to recover & forfeit the profits paid or not to
give any profit.
- The account can
be opened with a minimum initial deposit of Rs.10,000/-. However in case average
deposit during the month falls below Rs.10,000/-, account maintaining charges shall
be levied as per Bank’s Schedule of Charges.
- The profit slab
is as follows:
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Minimum monthly balance
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*
Expected rate of profit
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Rs. 0
upto
10,000/-
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Normal PLS SB rate
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Rs.10,001 upto 200,000/-
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4.0 % p.a.
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Rs.200,001 upto 400,000/-
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5.0 % p.a.
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Rs.400,001 upto 500,000/-
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7.5 % p.a.
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*This product is governed under PLS rule of Profit & Loss sharing system.
The rates mentioned are expected and the Bank reserves the right to review/revise
the profit rates quarterly.
- Maximum profit
@ 7.5 % p.a. as per different slabs shall be paid on minimum monthly deposit upto
Rs.500,000/-. Deposit can exceed Rs.500,000/- but no profit will be paid on amount
over and above Rs.500,000.
- The profit will
be calculated on monthly basis based on the minimum monthly balance maintained by
the customer during that particular month.
- The profit will
be credited on half yearly basis in the respective account as per rules of PLS SB.
- Existing account
holders can also open account under this scheme
- In case they wish
to close their existing PLS or other account, same may be allowed without deducting
account closure charges
- Zakat will be
deducted as per law like any other saving/profit bearing account.
- Withholding tax
will be deducted from the profit as per law in force.
- Preferably PLS
SB joint a/c should be opened with special instructions of “Either or Survivor”
which must be jointly authenticated under full signatures of the Joint A/c holders.
- Unlimited transaction
(debit/credit)
- Free complimentary
issuance of first ATM/Debit Card.
- The product carries
all characteristics/conditions pertaining to PLS SB account including payment of
profit on half yearly basis i.e. issuance of DD/TT/MT/PO etc as per Bank’s Schedule
of Charges on minimum monthly deposit upto Rs.500,000/- only as per admissible rates
shown against each minimum monthly balance.
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