Meezan Senior Citizen Account offers Pakistani nationals aged 60 years and above, widows and differently-abled persons higher Shariah-compliant returns on deposits.
The account is designed for those who are willing to invest their savings, pension income and retirement benefits for higher returns. It can be opened under a Mudarabah-based contract which will also allow accountholders to have easy access to their money. Account is offered in Pak Rupee only.
Pakistani nationals can open Meezan Senior Citizen Account as per the following criteria:
Note: Non-Resident Pakistanis (NRPs) may also open this account, however, NRP Rules shall apply as per Regulator’s instructions.
*Maximum credit balance limit of Rs. 10,000,000/- and its not valid for profit payment.
**Charges will be applicable as per SOC, however, first year fee waiver is applicable on Meezan Gold Card only.
On agreeing to become a Meezan Senior Citizen 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
|Account Categories||Profit Distribution Period||Tier Groups||Weightage Assigned|
|Senior Citizen Account||Monthly||Re.1 - 3M||0.72|
|Minimum Monthly Balance (PKR)||Profit Rates (% per annum)|
|Re.1 - 3M||14.05|
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 Form
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