4 min read
Bank Alfalah was created in 1997 by the Abu Dhabi group, it is a private bank with more than 600+ branches in Pakistan.
Its internet banking services provide its customers with a range of facilities and online services which are:
- Viewing account information or accessing one year’s account statement
- Paying your Credit Card bills or viewing your credit cards details.
- You can book cinema and airline tickets.
- Request for SMS subscriptions.
- Can easily transfer funds to any Bank Alfalah account or other Inter Bank Fund Transfer enabled accounts.
- Top up or pay your own or anyone’s mobile bill instantly.
- Can easily pay your utility bills.
- Can clear your internet service charges.
As we’re discussing on how to open an account in Bank Alfalah, we’ll talk about 3 types of bank accounts here easily:
- Current account.
- Savings account.
- Alfalah Rising star.
Current account
To open a current account in Bank Alfalah, you need to accumulate some important and mandatory files/documentation for the successful run of the Procedure as well as having to fill a banking form.
Now to apply for a current account, there are 2 possible types of account owners/customers:
Salaried Person
The age limit for this application method is between 21 to 60 inclusive. If you are an employed person working for a firm or any other business facility, make sure to have your:
- Original CNIC and 2 of its copies.
- Proof of Employment (this could be provided by the company or employer you work for through an employment verification letter)
- A detailed copy of your Utility bills (e.g. Electricity bills, Gas bills).
Self-employed /Business Person
The age limit for this application method is between 21 to 65 inclusive. If you are a business owner and want to open a current account, make sure to have your:
- CNIC and 2 of its copies.
- Proof of your own Business in a documented form.
In addition to providing your documents and identification, Bank Alfalah also requires a minimum amount of 1000 PKR for the account opening as well as 5000 PKR minimum monthly balance required in your account.
Features of current account:
- Access your account through online banking, cheque books and ATM cards.
- Immediate access to your funds.
- Free cheque books on account opening.
- No limit to withdrawals or deposits every month.
- Don’t have to worry about maintaining a minimum account balance.
Savings account
To open a savings account in Bank Alfalah, the rules of application are quite similar to that of the current account.
To apply for a savings account, there are 2 types of individuals:
- Salaried employee (Age limit from 21 to 60 years old)
- Entrepreneur/Business Owner. (Age limit from 21 to 65 years old)
Salaried employee
- CNIC and 2 of its copies.
- Evidence of employment.
- Documented copies of Utility bills.
Business owner
- CNIC and 2 of its copies.
- Proof of business.
Benefits of savings account:
- Unlimited withdrawals and deposits.
- Locker facilities are available.
- The interest rate fluctuates from 8.25% to 9.05% on the deposited amount.
- Return rates proportional to deposit rates.
Both accounts have an annual fee of 1000 PKR and the only 2 differences between the application methods of a current and savings account are that a savings account only requires 100 PKR instead of 1000 PKR for its opening with no minimum balance amount required that could be levied and that it also has a 9.05% of interest rate.
Zakat and Government tax deductions are applicable to Savings accounts.
Alfalah Rising star
Bank Alfalah also provides its minor customers between the age of 6 to 17 with a special account to hone their saving habits.
Perks and features of Alfalah Rising Star:
- 1st cheque-book will be free.
- No monthly minimum balance requirements to avoid tax imposition.
- Separate counters for students.
- Free credit cards for life.
So if you want to open your own savings account as a junior, visit the nearest Bank Alfalah branch with your parents to apply.
