Meezan Bachat Account provides halal monthly profit for low income and middle-income group of customers with the same convenience and services of a regular savings account. It offers varying profit weightages to different amount tiers.
Meezan Bachat Account can be opened by Salaried or Self-employed, Housewives and Retired individuals.
Issuance of chequebook in accordance with the Schedule of Charges (SOCs)
Free Pay Orders
Free Internet Banking facility
Minimum deposit required to open an account is Rs. 50,000/-
Free Online Banking service at all Meezan Bank branches
Profit payment is made to your Meezan Bank account on a monthly basis
Profit will be calculated on the Daily Product Basis
| Illustration | |||||||
| Effective 1st September 2023, profit calculation is Meezan Bachat Account shall be done in following manner. | |||||||
| Example: | |||||||
| Tier 1 - Rs 1 to 499.99 K | 14% | ||||||
| Tier 2 - Rs 500 K & Above | 11.5% | ||||||
| Scenario: If a customer maintains closing balance of Rs. 700, 000 per day in Meezan Bachat Account, the applicable profit calculation shall be as follows: | |||||||
| Profit Calculation | |||||||
| Rs 499,999 x 14% / 365 = Rs 191.78 for 1 day | |||||||
| Rs 200,001 x 11.5% / 365 = Rs 63.01 for 1 day | |||||||
| Total Profit (before the impact of taxation) for 1 day = Rs 254.79 (Rs 191.78+ Rs 63.01) | |||||||
| Note: Prior to 1st September 2023, if customer's balance fell in a higher tier, then entire amount was assigned weightage of that respective tier. | |||||||
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.
Bank will share 50% of Gross Income as Mudarib
Depositor will share 50% of Gross Income as Rab-ul-Maal
| Products | Tier Groups | Weightage Assigned |
|---|---|---|
| Meezan Bachat Account | Re.1 - 499.99 K | 0.45 |
| Meezan Bachat Account | 500 K & Above | 0.45 |
| Products | Amount | Profit Assigned |
|---|---|---|
| Meezan Bachat Account | Re.1 - 499.99 K | 7.28% |
| Meezan Bachat Account | 500 K & Above | 7.28% |
PDF version of our printed Account Opening Form is also available for download. You can print the form, fill your details and submit it along with the required documents at your preferred branch.
Download FormYou may visit any branch of Meezan Bank and our staff will assist you in filling the printed Account Opening Form and opening your account.
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