Alfa Term Deposit
With Alfa Term Deposit, you can easily fix a savings amount for 7 days, 1 month, 3 months, 6 months, or 12 months in PKR and for 1 month, 3 months, 6 months, or 12 months in FCY (USD, GBP, EUR) currencies. Profit can be earned on monthly basis or at maturity as per the Bank’s prevailing rate sheet.
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 PKR 500 or 100 unit for FCY deposits, 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!
PKR Term Deposits: choose from 7 days, 1, 3, 6, or 12 months with profit paid monthly or at maturity.
FCY Term Deposits (USD, EUR, GBP): choose from 1, 3, 6, or 12 months with profit paid at maturity only.
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 (PKR deposits only). FCY Term Deposits (USD, EUR, GBP) are exempt from zakat.
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
Conveniently view active or matured Term Deposits with maintained history of digitally booked Term Deposits for easy reference.
Notification
Notifications for booking, maturity, encashment, changing maturity instructions, profit payment, rollover & maturity.
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