UAN: 111-331-331 04 February, 2012 | Rabi-ul-Awal 11, 1433

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Rupee Saving Account

Ensuring Truly Halal Savings with Competitive Returns

The Riba-free Rupee Saving Account is a basic banking account for every customer's need. The account provides expected monthly returns along with a variety of free packaged benefits.


 
On agreeing to become a Rupee Saving 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.

 

Meezan Rupee Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies.

 

 

 

 

 

 

  • There is no minimum investment required to open an account
  • Profit will be calculated on daily product basis
  • Profit will be paid on monthly basis
  • No restriction on withdrawals or number of transactions
  • Cheque books
  • Globally accepted Meezan VISA Debit Card
  • Free Online Banking services at our branch network nationwide
  • Free Internet Banking facility 
  • Free bank balance certificates
  • Access to priority desk
  • Issuance of duplicate statement of account

 

Other facilities to facilitate your banking experience

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 February 2012

 

Account Category
Profit Distribution Period/
Tier group
Weightage Assigned
Saving Account
monthly
0.76

 

Consolidated Weightages

Profit Rates for the month of December 2011

Daily Product Basis (PKR)
Profit Rates (% Per Annum)
5.00%

 

 

 Historical Profit Rates

 

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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