The product is designed on the guidelines provided by SBP.
Allied Islamic Asaan Saving Account provides simplified account opening requirement/procedure aimed for the financial inclusion of low risk customer especially unbanked/under banked segment of population.
The salient features of the product are:
- Simplified account opening.
- Initial deposit requirement for account opening is Rupees 100.
- Account can only be opened in Pak Rupees only.
- Transaction turnover (Debit & Credit each) Rs. 500,000/- per month.
- The Accounts will be operated based on the mode of Mudaraba with no Minimum balance requirement for profit calculation.
- Profit calculation on average balance of the month and payment on half yearly basis.
- No account maintenance/conversion/closing charges
- Complimentary statement of account on half yearly basis.
- Free first cheque of 10 leaves.
- Free SMS banking
- Free Issuance of ATM/Debit Card (annual charges apply as per SOC from second year)