This foreign currency Term Deposit provides you with one of the most lucrative investment options available today. Place your funds in Premium Profit and watch your savings grow at one of the attractive rates offered in the market.
Currencies:
You can open an account in any of the below mentioned currencies.
- US Dollar.
- Great Britain Pound Sterling.
- Euro.
Features
- Minimum Balance: $ 5000.
- Tenors of months, 1, 3, 6, 9, 12, 18, 24, 3yrs, 4yrs, 5yrs.
- Loan financing against your deposits at market competitive rates.
- Option of automatic Renewal on rates prevailing at maturity.
Eligibility
- Resident and non-resident Pakistanis
- Local and foreign companies (except banks and financial institutions)
- Foreign nationals residing in or outside Pakistan
Time Deposit
Any premature encashment of a term deposit shall be subject to the following:
- Payment of profit as per the Applicable Rate; and
- Premature encashment cost/charge.
Applicable Rate of Profit
The Applicable Rate of Profit to be paid to the depositor in case of premature encashment shall be calculated on the basis given as below:
The Applicable Rate shall be the rate of profit prevailing at the date of accepting the said deposit or at the date of premature encashment which ever is lower and this Applicable
Rate will be used for calculating profit for the period completed till the date preceding the date of such early termination. The profit on the deposit will be accrued and paid up to the day preceding the date of such early termination.
Premature Encashment Cost/Charge
Premature encashment cost/charge shall be determined as follows
For local currency time deposit
For Term deposit having a tenure equal to or less than one year:
Zero or KIBOR* (offer side) whichever is higher, on the date of early termination minus the Applicable Rate whichever is higher. The applicable KIBOR* will be that of the remaining tenure (nearest quoted tenure) on the date of such early termination.
For Term deposits having a tenure greater than one year:
Zero or PKRV** plus 1% p.a.; whichever is higher on the date of early termination minus the Applicable Rate whichever is higher. The applicable PKRV** plus1% p.a. will be that of the remaining tenure (nearest quoted tenure) on the date of such early termination.
For foreign currency time deposit:
Zero or CBBUX*** (Offer side) whichever is higher, on the date of early termination minus the Applicable Rate whichever in higher. The applicable CBBUX*** will be that of the remaining tenure (nearest quoted tenure) on the date of such early termination.
The premature encashment cost/charge will be recovered from the accrued profit and/or principle amount of the deposit incase the accrued profit is less than the premature encashment charge.
- KIBOR page on Reuters
- PKRV page on Reuters
- Citibank Bahrain Euro Dollar Rates
Please note that the terms and condition stated above are applicable to all time deposits accepted under the said conditions. The premature encashment cost/charge is levied to recover the fund replacement cost incurred by the Bank due to early encashment of time deposit.
Profit Payment Options
You can choose any of the following profit payment options:
- 1 & 3 months tenor
- Payment upon maturity
- 6, 9, 12, 18, 24 and 36 months tenure
- Monthly payment
- Quarterly payment
- Payment upon maturity
Zakat will be deducted from the profit payment after Ramadan, thus leaving your principal payment intact. Withholding tax and Zakat are applicable as per Government of Pakistan regulations. Religious and Government exemptions are also applicable.
