National Bank

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SAVING ACCOUNT
Saving accounts are opened on proper introduction with sums of credit balance within certain limit for individual (single, joint) institutions, companies, educational institutions etc. MCB has introduced various schemes under saving a/c are following:

  • Mala Maal Scheme
  • PLS Account
  • Saving 365 Account
  • Capital growth certificate scheme
  • Fund Management Scheme
  • Khanm Bachat Scheme
  • Khushali Bachat Account
  • Term/ Fixed Deposits

MAAL-A-MAAL SCHEME
This scheme is recently launched by the MCB after severe financial crisis of year 1998 created as result of atomic bomb explosion, to mobilize the deposits. It is the most profitable scheme of the bank and MCB has got
Rs. 20 billion deposits through this scheme and the certificate is for Rs. 25000/-

Procedure
The procedure of Maal-a-Maal certificate is very simple. The applicant has to fill the slip of certificate where he have to write Branch code, Applicant’s name, ID Card Number, Address, Phone #, Date and tenure etc. For different tenure different profit percentages are declared as show below:

Tenure (Months)     Rate of Return (%)
  Two                               06
  Four                              07
  Eight                             08
 Twelve                           10

These certificates are automatically renewable after maturity. Copy of ID card is attached with certificate. Profit is calculated at the time of drawing. At register, the officer writes reference or serial #, name of applicant, certificate #, date of issue and date of maturity. At Maal-a-Maal certificate, the officer write date of issue, maturity date, reference #, and name of the applicant.
 

PROFIT & LOSS SHARING (PLS) ACCOUNT
This account was started in 1980s after the issuing of banking ordinance in 1980 by Zia Government to develop Islamic banking in Pakistan. In this case customer would be responsible for bearing profit as well as loss.  The bank would be within its rights to make investment of credit balances in the PLS saving accounts in any manner at its sole discretion and to make use of the fund to the best of its judgment in the banking business under the PLS system. For withdrawal of larger amount, 7 days notice in writing is required to be given:

  • Minimum balance is Rs.500/=
  • Below minimum balance charges will be debited
  • Not more than eight withdrawals in a year allowed
  • More than Rs.15000/= are not allowed to draw
  • Seven day notice is required for withdrawal
  • Profit calculated on monthly basis
  • Profit paid on annually basis
  • Profit paid on lowest balance at the end
  • 10% Withholding Tax on minimum balance
  • Zakat deducted on  @ 2.5%

 

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