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Home | Personal Banking | Deposit Accounts | Meezan Bachat Account

Meezan Bachat Account

The convenience of a Saving Account with Halal Profit

Meezan Bachat Account is a unique saving account that provides high expected monthly returns with the flexibility to withdraw savings if needed. Meezan Bachat Account offers a higher expected rate of return with nearly the same convenience and service of a regular savings account.

 

Meezan Bachat Account can be opened by Salaried or Self-employed, Housewives and Retired individuals.

 

On agreeing to become a Meezan Bachat Account holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab-ul-Maal) and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The Bank allocates the funds received from the customers to a deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah.

 

  • Minimum investment required to open an account is Rs. 25,000/-
  • Maximum balance limit for getting a higher profit weightage is Rs. 5,000,000/-
  • Free issuance of Cheque Book
  • Free issuance of Pay Order
  • Free Online Banking service at all Meezan Bank branches
  • Free Internet Banking facility
  • Profit will be calculated on the hybrid model* maintained during a month
  • Profit payment is made to your Meezan Bank account on a monthly basis.
  • Waiver of application fee for Car Ijarah & Easy Home for accounts with minimum balance of Rs. 500,000

 

*It is a combination of minimum balance and average balance the customer gets this

  1. For Investment maintained during the working month
  2. Difference of average monthly balance and minimum balance maintained during the whole month

Other facilities offered by Meezan Bank

Always Stay Connected with Our Online Banking



Our free On-line Banking facility allows all customers to access their account and conduct banking transactions from any of Meezan bank's branches nationwide. Our on-line facility makes it easy to deposit and withdraw cash, make pay-order requests and access numerous banking services from any Meezan Bank branch even if the account is based in a different city.

 

Our free On-line Banking, offers the following services:

 

  • Real-time cash deposit, instantly crediting your account!
  • Real-time cash withdrawal upto Rs. 5 million, giving you access to your money from anywhere in the Country!
  • Transfer of funds between your Meezan Bank accounts
  • Deposit and collection of clearing Cheques drawn within the same city
  • Issuance of Pay-order from any Meezan Bank branch
 

 

Profit sharing & Distribution Method

 

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the Account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

 

 

Profit Sharing Ratio

  • Bank will share 50% of Gross Income as Mudarib
  • Depositor will share 50% of Gross Income as Rab-ul-Maal

Weightages for the Month of May 2013

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Meezan Bachat Account 1-24.99K
0.60
Meezan Bachat Account 25K-199.99K
0.86
Meezan Bachat Account 200-499.9K
0.93
Meezan Bachat Account 500K-5M*
1.09
Meezan Bachat Account Above 5M**
0.60
Meezan Bachat Account Differential Amount
0.60

 

Consolidated Weightages

 

 

*Changed w.e.f 1st April. Previously 500k to 1m
**Changed w.e.f 1st April. Previously Above 1m

Profit Rates for the month of April 2013

In addition to this, a new profit weightage was assigned & will be applicable for any amount withdrawn or deposited during the month over & above the minimum monthly balance

 

Minimum Monthly Balance (PKR)
 
Profit Rates (% per annum)
 
1-24.999K
3.51%
25K-199.99K
5.03%
200K-499.99K
5.44% 
500K-1M
6.37%
1M-5M
  6.37%
Above 5M
3.51%
*Withdrawal (Diff. Amount)
3.51% 



 Historical Profit Rates

 

 

*Average of withdrawal & deposit balances excluding minimum balance of month 

 

Just fill in our Account Opening Form (available at any branch), and submit the required documents.


*The Bank reserves the right to request further documentation on a case-to-case basis.

 

Apply Now

 

Personal Accounts

 

For Individuals (inclusive of Housewives / Students / Retired Personnel)

  • CNIC / NICOP / POC (signed by customer)
  • Any job / Business proof 
  • Any other related document requested by the Bank
     

 

For a Non-Resident Pakistani (Pakistani Nationals Residing outside Pakistan)

  • NICOP / CNIC
  • Visa/Passport Copy
  • Job Proof (Salary Certificate/Slip) / Business Proof

 

 

For Minors (individuals below the age of 18)

  • Attested copy of Birth Certificate
  • Attested copy of B Form
  • CNIC copy of guardian
  • Valid proof of source of income of guardian

 

Business Accounts

 

For a Limited Company

  • Attested copy of Certificate of Incorporation
  • List of Directors
  • Attested copy of Memorandum & Articles of Association
  • Board Resolution
  • Attested copy of Certificate of Commencement of Business (For Public Ltd. Co.)
  • Attested copies of CNICs of all Directors / Signatories
  • Latest copy of certified Form-29 issued by SECP

 

For a Sole-Proprietorship

  • CNIC of Proprietor
  • Attested Copy of NTN Certificate
  • Account Opening Request & Proprietorship Letter on Firm's Letter Head

 

For a Partnership

  • Partnership Deed (attested by notary public)
  • Letter of Authority & Mandate (if applicable)
  • Attested copies of CNICs of all Partners
  • Account Opening Request Letter on Firm's Letter Head
  • Attested copy of Registration Certificate with registrar of the firms

 

For a Club / Society / Association / Trust

  • Copy of Rules/By-Laws
  • Copy of Registration Certificate
  • List of Executive Members/Management Committee/Management Body
  • Copy of Resolution
  • CNICs of all Members of Management Body
  • Undertaking to immediately inform the Bank in writing about any changes in Management Committee/Authorized persons.

 

 

 

 

Shariah Fatwa 

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