How to open an account in Bank Alfalah

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August 1, 2019
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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.

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