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A Savings Account with Halal Profit

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.

eligibility criteria

Eligibility Criteria

Pakistani nationals can open Meezan Senior Citizen Account as per the following criteria:

  • Senior Citizens of age 60 years and above
  • Widows (irrespective of age)
  • Differently-abled persons (irrespective of age)

Note: Non-Resident Pakistanis (NRPs) may also open this account, however, NRP Rules shall apply as per Regulator’s instructions.

Key Features & Benefits

  • No minimum balance requirement
  • No charges on internet banking usage
  • No charges on issuance of chequebook
  • No chargers on issuance of account statement
  • Free pay orders
  • Free issuance of debit card**
  • Discount on pharmacies, diagnostic labs and hospitals
  • Discount on airline ticket bookings
  • Profit payment is made in the account on monthly basis
  • Maximum credit balance*

*Maximum credit balance limit of Rs. 3,000,000/- 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.

How the Senior Citizen Account Works

Download Fatwa

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.

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 December 2022
Account Categories Profit Distribution Period Tier Groups Weightage Assigned
Senior Citizen Account Monthly Re.1 - 3M 0.75
Consolidated Weightages
Profit Rates for the Month of November 2022
Minimum Monthly Balance (PKR) Profit Rates (% per annum)
Re.1 - 3M 13.12
Profit Rates
Historical Profit Rates

Want to Open a Senior Citizen Account

Download, Print, Fill Form

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

Visit a Branch

You 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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