Alfa Term Deposit
Alfa Term Deposit
Are you looking for an easy way to secure your money and earn a profit as well? Alfa Term Deposit is all you need!
With Alfa Term Deposit, you can easily fix a savings amount for 7 days, 1 month, 3 months, 6 months, or 12 months duration and earn profit on a monthly basis or at the time of completion of your chosen duration, as per the Bank’s prevailing rate sheet for PKR Term Deposit.
You can easily book a Term deposit digitally, anytime, anywhere – without having to go to a branch. Simply download & login to Alfa app, go to ‘Save & Invest’ section, and tap on ‘Alfa Term Deposit’.
Reasons Why You Need Alfa Term Deposit!
Booking in just 10 seconds!
You can book Term deposits digitally through Alfa in just a few seconds with an amount as low as Rs.500 with complete flexibility of multiple bookings.
You can easily use your Bank Alfalah Account to book a Term Deposit digitally, with complete protection and safety of your funds.
Simply enter below details
- Account Type
- Account Number
- Booking Amount
- Tenure for booking
- Profit payment frequency
- Instruction on Maturity
- Zakat Exemption
Easily refer to the Term deposit rate sheet while booking by tapping on “View Term Deposit Rates”
Choose a duration of booking and payout that works for you!
Easily select a duration (7 days, 1 month, 3 months, 6 months, or 12 months) for your Term deposit from the available options and choose how frequently you want to receive profit on the amounts saved. With Monthly profit payment, you will get profit every month for the duration of your Term deposit and with Maturity profit payment, you will get the accumulated profit amount at the time of completion of your Term deposit.
Customizable Instructions on Maturity
During booking, you will have an option to set the maturity instructions for your Term Deposit. Below are the instructions you can choose from
- Encash at Maturity: With this instruction, your Term Deposit will be completed after its set duration and the amount booked along with the due profit will be credited into your account instantly.
- Rollover: If your instructions are set for “Rollover”, your Term deposit will get automatically renewed for similar duration, until any instructions are given to terminate it. An option is available to renew the Term deposit with the principal amount only where the accumulated profit will be credited in your account and principal will be re-invested OR to renew it with principal and accumulated profit both where the entire amount inclusive of profit accrued will be re-invested for another term as per the booking details set initially.
*Rollover with principal along profit will only be allowed if profit payment is selected at Maturity.
Digital Term Deposit Receipt
You will also get an instant confirmation of Term Deposit Booking through a Digital Term Deposit receipt in a downloadable format and option to share via WhatsApp, Email, Bluetooth etc.
Digital Submission of Zakat exemption form
Zakat will be applicable on Digital Term deposits for eligible customers. However, you can also get an exemption from zakat deduction by digitally submitting the zakat exemption (CZ-50) form.
Flexibility of Changing Maturity Instructions Anytime After Booking!
Conveniently change the maturity instructions at any time. Once the Term deposit is booked with a particular maturity instruction for example, “Encash at Maturity”, Alfa Term deposit gives you the flexibility of changing the instructions, post booking, to “Rollover” or vice versa which is implemented instantly.
Real-Time Encashment
Need your deposited amount back before the completion of the term deposit duration? Easily Encash your term deposit through app and your funds along with the due profit will be credited into your account immediately on a real-time basis.
Note: You will be charged an encashment penalty in the form of a reduced rate of return as per the bank’s prevailing schedule of charges.
Digital Withholding Tax Certificate
Access to digital Withholding Tax Certificate with visibility of profit earned and tax paid on Term Deposit.
Easy Tracking
Search & Filter option to conveniently track Active or Matured Term Deposits with Maintained history of digitally booked Term Deposits for easy reference.
SMS & Reminders
Instant SMS intimations for booking, maturity, encashment, changing maturity instructions, profit payment, and reminders before rollover & maturity.
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