Savings Account FAQ’s
All Pakistani Nationals, nonresident Pakistanis, and foreign Nationals can open Savings Account. Institutions may also invest their employees’ related funds such as pension, gratuity, superannuation, contributory provident fund and trusty fund etc.
Profit in the Savings Account is credited on 30th June every year and is worked out on the lowest balance of an account between the close of the sixth day and the end of the month.
Savings Account can be opened by depositing cash/cheque/ draft/ pay-order at the Issuing Office.
Yes, minimum deposit limit is Rs. 500/- but no limit in maximum investment.
Only three withdrawals are allowed in a week.
Yes, taxes are applicable on Savings Account.
- Filers: 10% of the yield/ profit
- Non-Filers: 17.5% of the yield/ profit; however, the rate shall be 10% if the yield or profit paid is less than Rs. 500,000/-.
Zakat is applicable on investment made in Savings Account.
For more details see under Product > Accounts > Savings Account