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Overview of Deposit Accounts

What is a Deposit Accounts?    

Deposit account is the type of account specially designed to meet the needs of those customers who want to place their surplus funds in a financial institution, in a secure environment with the aim of earning profit on them. Deposit accounts usually offer higher rate of return on the invested amount as compared to a savings account. The deposit account holds your investment for a certain time which is decided by the depositor. The investor deposits the funds for a fixed time frame, which may range from 1 month upto 10 years.  

Key Features of a Deposit Accounts   

Key features of a deposit account are as follows:

- It offers higher rate of return on the deposited amount

- The interest rate is fixed for a certain time period

- May payback the earned profit on monthly, quarterly, or annual basis

- The investor can renew its fixed term at any time before encashment

 - Provides free E-statements and internet banking

 - Offers an opportunity to encash TDR at any point of time before maturity

  Documents Required to Open a Deposit Account  

Documents Required for the opening of a Deposit account are as follows:  

- Attested copy of a CNIC along with original CNIC

- Two (2) passport size photographs

- Verified copy of a utility bill (electricity/telephone/water)

- Proof of source of income

- Tax number (if any to avoid double taxation)

- Must fall under the age bracket of 21- 65 years

Eligibility Criteria for Deposit Accounts

Eligibility Criteria to open a Deposit accounts are as follows:

- The individual must be a Pakistani citizen

The individual must be above 18 years old