Bank Alfalah adds 5% fee on large month-end deposits

MG News | November 15, 2024 at 09:28 AM GMT+05:00

0:00

November 15, 2024 (MLN): Bank Alfalah Limited (PSX: BAFL) has introduced a 5% fee on month-end balances exceeding Rs5 billion, set to take effect on December 15, 2024.

"Accounts maintaining a balance of PKR 5 billion or above on the last day of the month shall be charged a 5% fee on their month-end balance," the Addendum to schedule of charges July to December 2024 reads.

This fee appears to discourage high-net-worth clients from making last-minute deposits that inflate their accounts to improve the bank's Advance-to-Deposit Ratio (ADR), potentially avoiding the ADR tax imposed by regulatory authorities.

By implementing this fee, Bank Alfalah is likely seeking more stable, long-term deposits rather than temporary inflows that only serve to meet month-end regulatory metrics.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	189,166.83 407.93M	0.79% 1478.66
ALLSHR	112,809.65 875.49M	0.16% 181.96
KSE30	58,207.71 147.51M	1.27% 729.47
KMI30	269,497.03 190.79M	1.15% 3053.85
KMIALLSHR	72,828.34 555.24M	0.32% 235.69
BKTi	53,520.37 33.89M	-0.06% -32.37
OGTi	38,886.75 10.61M	-1.00% -393.22

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	89,170.00	90,135.00 88,850.00	-275.00 -0.31%
BRENT CRUDE	65.23	65.30 64.29	1.17 1.83%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-3.10 -3.45%
ROTTERDAM COAL MONTHLY	98.50	0.00 0.00	-0.30 -0.30%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	60.48	60.54 59.52	1.12 1.89%
SUGAR #11 WORLD	14.82	14.98 14.81	-0.14 -0.94%