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	151,707.52 244.73M	-0.79% -1200.45
ALLSHR	90,950.95 421.06M	-0.91% -834.89
KSE30	45,918.57 92.97M	-0.83% -386.29
KMI30	220,125.22 87.98M	-0.85% -1889.21
KMIALLSHR	59,363.52 256.09M	-1.02% -613.27
BKTi	41,297.63 25.33M	-0.60% -248.70
OGTi	31,189.41 18.57M	-2.53% -809.48

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	66,180.00	69,315.00 65,710.00	-2590.00 -3.77%
BRENT CRUDE	114.57	114.88 105.09	6.56 6.07%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-10.30 -9.39%
ROTTERDAM COAL MONTHLY	119.75	121.40 119.75	-1.40 -1.16%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	101.18	101.24 92.08	6.70 7.09%
SUGAR #11 WORLD	15.75	15.93 15.66	-0.12 -0.76%