A savings account is an easy way to secure your financial future. It provides you with a safe, trusted space wherein you can periodically deposit your capital amount and get a fixed rate of interest that multiplies your amount by manifolds. There can be a lot of uncertainty when choosing the right bank to deposit your lifetime’s worth of earnings. To make things much easier, we have solved your query for which bank in Pakistan is paying the best interest on a savings account.
Choosing the right bank
Many banks in Pakistan offer savings account with varying interest rates. However, as per a thorough research, Bank Alfalah offers an interest rate of 6% (variable). The minimum amount required for account opening is Rs100. The profit payment frequency is on a monthly basis. Another salient feature that this bank offers is that it allows unlimited withdrawals and deposits every month. The interest rate may vary between 5.50% to 6% based on the amount deposited and the term length of the account. The service is offered under the name of Bank Alfalah Kifayat Monthly Savings Account.
The age limit for a salaried person lies between 21years and 60 years and the documents required include CNIC, Proof of employment (salary slips) and a copy of the utility bill. For self-employed, the age limit lies between 21 years and 65 years and the required documents include CNIC and proof of business.
Islamic Shariah and savings account
Many argue that depositing a capital amount in a bank and earning an interest on it is against Islamic teachings. This issue has been taken into consideration and there are many other banks that follow a policy that is in fact in compliance with Islamic rulings regarding banking and finance. Alfalah Falah Mahana Amdani Account and Bank Islami Asaan Account are two such savings accounts that offer an interest rate of 5.59% (variable) and 5.5% (variable) respectively. The minimum amount required for Falah Mahana Amdani Account is Rs10,000 and the maximum account deposit limit is Rs25 Million. For Bank Islami Asaan Account the amount required for account opening is Rs100 and the credit/debit card transactions are limited to only Rs500,000.
If one is still skeptical about investing in a savings account, other reliable options include buying a prize bond or investing in some gold jewelry or real estate that can be sold later on once the desired profit is guaranteed. Some have also suggested buying saving certificates that can offer up to a maximum of 10% iznterest rate (variable) and investing in stock exchange markets. Bitcoins are another popular way through which people are making money.
Hence, there are many banks in Pakistan that are offering varying interest rates and choosing the right savings account is perhaps similar to shoe shopping, everyone has a different fit and preference.