Bank AL Habib has designed a new account specially for you, ... your own Young Savers Account.
- This is an account for Young Savers of up to 18 years.
- Visit the nearest Bank AL Habib branch with your parent/guardian to open your Young Savers Account. You can open an account with as little as Rs. 5/=.
- Rate of return on Young Savers Account is expected to be well above the return on normal savings accounts. Currently indicative rate of return on balances up to Rs. 500,000 is 10% P.A and for balances over Rs. 500,000 is 5% P.A, payable six monthly.
- Young Savers Account will have Internet Banking facility and ATMlDebit Card available to your parent/guardian.
- Young Savers of 16 years and more will also be eligible to receive ATM Cards and can withdraw money through ATMs, if specifically authorized by their parents/guardians (certain conditions apply).
- Until you the Young Savers are a minor, i.e., below 18 years, the account will be operated by your parent/guardian. When you attain majority, the balance in the account will be transferred to a new account which you will open and operate after completing required formalities, including the concurrence of your parent/guardian.
- Bank officers will also visit your school to help you open Young Savers Account and collect your deposit.
- Profit would be subject to Zakat, Withholding Tax and other Government Levies unless exempted.
| Saving Scheme Details |
| Scheme Type: | Non-Islamic |
| Type: | Account |
| ATM/Debit Card: | Yes |
| Zakat Deduction: | 2.5% on first Ramadan |
