Bank Alfalah Kifayat Account

Profit Calculation/Payout Minimum Balance Profit Rate Deposit Range
7.00% Rs. 10,000 Monthly/Monthly No Limit

Important Features of Bank Alfalah Kifayat Account

Certain important points to know about Bank Alfalah Kifayat Account in Pakistan are interest rate calculation techniques and modes of payout. For Bank Alfalah Kifayat Account, there is a minimum balance requirement of Rs. 10,000. Normally, the rate of return is usually dependent on the minimum balance. However, interest rates do not vary with the level of deposit Bank Alfalah Kifayat Account. Another crucial point to understand is the calculation of rate of return on Bank Alfalah Kifayat Account. Daily calculation of profit on a savings account allows a customer to earn profit on his daily balance being maintained. Monthly interest calculation is on the basis of average balance in the savings account during the entire month. Quarterly, semi-annual and annual profit calculations are on a similar basis as monthly interest calculation. In the case of Bank Alfalah Kifayat Account, profit calculation is conducted on a monthly basis. Also important to note is the mode of payout on Bank Alfalah Kifayat Account. Monthly payout would entail that the profit accrued over the month would be credited in the savings account at month end. Quarterly, semi-annual and annual payouts follow similar patterns. In the case of Bank Alfalah Kifayat Account, the profit payout mode is quarterly.

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