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Al Baraka Senior Citizens Account

Al Baraka Senior Citizens Account

Al Baraka Senior Citizens Account is developed to empower senior citizens to independently carry out the day- to- day banking transactions with confidence. This account is suitable for senior citizens who wish to have healthy returns on their savings. Al Baraka Senior Citizens Account comes along with a wide range of free services and benefits.

Features and Privileges

We have included a bundle of value added services which you can enjoy free of cost with the Senior Citizen Account.

    • Available in Local Currency only
    • Profit calculated on the basis of weightages for different tiers to benefit higher balance with higher return.
    • Profit calculations on daily balance and credited in the account on monthly basis.
    • No minimum or maximum balance requirement.
    • Unlimited deposits and withdrawals.
    • Projected higher returns on maintaining the balance of PKR 250,000 in the account, otherwise normal savings rate will be applicable.
    • Value added services i.e. Al Baraka Union Pay Debit Card, Phone Banking, SMS Banking, e- statements, Duplicate Account statements are offered free of cost.
    • Complimentary first cheque book of 25 leaves.
    • Concessional rates on annual locker rentals and Pay Order/ Demand Draft charges will be offered.
    • All other charges as per Bank’s schedule of charges.
    • 24x7x365 Phone banking at a call away. Dial now: 111-113-442.

Mudarabah

Al Baraka Senior Citizens Account is offered on the basis of Mudarabah principles of Islamic Banking. Mudarabah is a special kind of partnership where one partner gives money to another for investing in Shariah compliant avenues. The investment comes from the first partner who is called Rabb-ul-mal (Customer), while the management and work is an exclusive responsibility of the other, who is called Mudarib (Bank).

The Bank will announce weightages and profits sharing ratios 3 days before the beginning of the month. The Bank will share the profit at the gross income level and will subsequently credit the proportionate profit in the customer’s account at the end of the month. In case of loss, the customer will bear the loss as per the ratio of his investment.

Latest profit sharing ratios and weightages are available on our website or can be obtained from any branch of Al Baraka Bank.

Disclaimer

Al Baraka Senior Citizens Account is for customers aged 60 years & above. In case of joint account, one account holder should be above 60 years of age and other should not be minor (less than 18 years of age).