Instilling Savings Habits with Shariah-compliant Growth
AL Habib Islamic Young Savers Account encourages young Pakistanis to develop a savings habit under the guidance of their parents.
Apply Now Compare Account- The account can be opened with as little as PKR. 5/=.
- Profit calculated on monthly average balance
- The account will be operated by Parents/Guardian
- ATM with cash withdrawal limit of Rs.2,000/- in a calendar year may be allowed if authorized by parents/guardians
- A special account for Young Savers below 18 years of age
- Based on Islamic Principles of Mudarabah
- No minimum balance requirement
- No restrictions on the number of monthly withdrawals
- Upon reaching adulthood (18 years of age), the account balance will be transferred to a new account after completion of required account opening and operating formalities
- Withholding Tax on profits and Zakat will be applicable as per laws
- Deposit may be provided as security for allowing limits under Shariah Compliant modes of Finance
- Free ATM Cards available for Young Savers’ parents/guardians with cash withdrawal limit Rs.2,000/-
- Free Online Banking/Cheque Book
- Free Banker’s Cheque/ Free E-Statement
- Mobile Banking and SMS alerts facility
- Withholding Tax on profits and Zakat will be applicable as per laws
* Customer can avail free services and PayPak Debit card on the condition of maintaining a minimum monthly average balance of PKR 25,000/-, However, you can also opt for a Visa or UnionPay card charges will be applicable as per prevailing Schedule of Bank Charges.
Free Life and Disability Takaful Cover
It gives us great pleasure to inform our valued customers that Bank AL Habib has arranged Absolutely Free Takaful Cover to our current account holders. Salient features of this takaful policy are as under:
- New accounts eligible after 30 continuous days of opening of account.
- Claims payable on the basis of 90 days of average balance in customer account
- Maximum claim payable on Natural Death / Permanent Disability - PKR 2 Million
- Maximum claim payable on Accidental Death - PKR 4 Million
- In case of joint account, any one of the account holders will be covered
- Admissible age limit of claim - 18 to 60 years
The takaful cover is provided to the extent of average balance maintained in the account during last 90 days in case of Natural death and Permanent Disability, whereas in case of Accidental Death the coverage provided is double.
We are offering this service to our valued customers as a token of appreciation of their trust and confidence placed in us.
Any one of the following documents may be used as a proof of identity
- Computerized/Smart National Identity Card (CNIC/SNIC) of Guardian.
- National Identity Card for Overseas Pakistanis (NICOP)
- Proof of income or salary certificate
- In case of salaried person, copy of service/employee card
- Child Registration Certificate/B-Form /Student ID card (For Minor)
For salaried individual, Job Card / Job Letter or Salary Slip Or Source of income required.
- A valid photocopy of any one of the following identity document is obtained
- Computerized National Identity Card (CNIC) issued by NADRA.
- Smart National Identity Card (SNIC) issued by NADRA
- National Identity Card for Overseas Pakistani (NICOP) issued by NADRA
- Pakistan Origin Card (POC) issued by NADRA.
- Passport; having valid visa on it or any other proof of legal stay along with passport (foreign national individuals only).
- Non-resident accounts can be grouped in the following categories
- Non-resident accounts of Pakistan nationals permanently residing and domiciled abroad.
- Non-resident accounts of Pakistan nationals who are abroad for short visits.
- Non-resident accounts of foreign nationals residing abroad.
- Non-resident accounts of foreign nationals ordinarily resident in Pakistan but gone abroad for short visits.
Taxes and Zakat
Taxes will be applicable as per government regulations and directives of State Bank of Pakistan
Profit Rate
The rate of profit on savings accounts are subject to change from time to time.
How To Open Your Islamic Young Savers Account
Visit the nearest Bank AL Habib Branch or Download Account Opening form online and submit the duly completed form with all supporting documents at any Bank AL Habib Branch.
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