Meezan Bank is pleased to announce that as part of the Bank’s initiative to refine its deposit products and make them more customer friendly, the profit calculation mechanism of Mudarabah based Meezan Bachat Account will be revised w.e.f September 01, 2013 from the existing Hybrid system to the Daily Product Average Balance Method. Based on the above change, Withdrawal tier (Differential Tier) will also be removed. New product tiers will be as follows.
Existing Tiers New Tiers
|Amounts||Average Daily Product Amounts|
|Re. 1 – 24.99 K||Re. 1 – 24.99 K|
|25K- 199.99 K||25K- 199.99 K|
|200 K – 499.99K||200 K – 499.99K|
|500 K – 5 M||500 K – 5 M|
|Above 5 M||Above 5 M|
|Withdrawal (diff. Amt)|
From September 1, 2013, Meezan Bank will calculate profit on MBA based on the Daily Product Average Balance Method (i.e. MBA customers will be eligible for profit on the respective tier corresponding to the day-end balance) as per the pre-assigned Profit Sharing Ratio and Weightages.