Term Deposits
A term deposit is a deposit that is made for a certain periods of time
at the end of the specific period. The customer is allowed to with draw
the principle amount .
ACBL Term deposits are of types clear in the deposit scheme in the
table). One of them is "Askari" Advantage one month. The rate of return
on this account is 9.75%. The term deposit account vary one month to 5
years and the min balance requirement is Rs.5000/- for all following
accounts (as clear from Deposit Scheme in the table ).
Period |
Interest Rate |
|
One month |
9.5% |
|
2nd |
9.75% |
|
3rd |
10% |
|
6th month |
10.5% |
|
One year |
11% |
|
2 year |
11.5% |
|
3 year |
13% |
The amount of profit is given to depositors in three ways:
- By cash
- The amount is credited in any one of the checking Accounts of the depositor.
- By sending a bank Draft to depositors Home address or Officers or whichever is specified as mailing Address.
ACCOUNT OPENING PROCEDURE
For the checking accounts (C/A, ASDA, SAVING), there are different types of account holders are required for all these types of account holders. The operation /procedure requirement that is needed for " Individual Account " differ greatly from " Joint account " proprietorship "Partner ship “, "Limited Company" and "Club society or Association ".
When a single man or women opens an account in his/her own name and has the right to operate it is called individual Account.
Documentation Requirement
For literate person copy of National Identity Card is required as a primary requirement. For illiterate person and Veiled Women, along with the copy of National Identity Card requirement he or she must come in person for opening the account.
Operation
The person place a "Check Mark " in the type of account and type of operation required
He/She fills in part-I of the form , a fix his /her either two or four similar signature (or thumb expression in the signature space and get it introduced and signed by a person who already has an account with the bank and write his account no in the specific rows in a specific space.
The person fills in "next of Kin " position where he/she father, mother, husband/wife or any other relative's name, his /her address, phone no and affix his/her signature to certify this requirement. This requirement is needed because in his/her absence bank can have correspondence with the specific person.
The person put her /his signature (" or thumb expression) on the signature Specimen Card (SS CARD) similar in the area on the form. One the back of S.S card mailing address, telephone no, Person to contact and introducer space is filled in. All these requirement are necessary for future
The person deposits the initial amount for opening account on to the cash counter.
The person put his signature on form -A (check book requisition) on two places in "authorized signature" and fills in the "Title of Account space by writing his name.
If the person put his signature in Urdu or any language other than English, he signed a "Vernacular form" where under take that affixed signature are original and his own signature and two postal size photos are needed.
