September 14th, 2023
This is a formal notification for a change in the method of calculating profit for Meezan Bachat Account.
Amount Tiers and Expected Profit Rates through weightages of Meezan Bachat Account for Sep -2023
Tier 1 – Rs 1 to 499,999 14%*
Tier 2 – Rs 500,000 & Above 11.5%*
* The profit rates are announced on monthly basis.
Effective 1st September, 2023, profit calculation for Meezan Bachat Account shall be done in the following manner:
Illustration:
Example (effective 1st September, 2023)
If a customer maintains closing balance of Rs 700,000 per day in his Meezan Bachat Account, the applicable profit calculation shall be as follows:
Profit Calculation Based on Weightages:
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 One day = Rs 254.79 (Rs 191.78+ Rs 63.01)
Note: Prior to 1st September, 2023, if the customer’s balance fell in a higher tier, then the entire amount was assigned weightage of that respective tier.
If you have any questions regarding the change in method of calculating profit for Meezan Bachat Account, please feel free to contact your branch or the Bank’s 24/7 Call Center.