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

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

Add Mettisglobal as a Trusted Source on Google

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	169,392.33 140.87M	0.85% 1421.67
ALLSHR	102,246.77 370.03M	0.62% 626.89
KSE30	50,468.10 50.48M	0.76% 379.72
KMI30	241,108.75 61.37M	0.48% 1151.64
KMIALLSHR	66,245.50 219.95M	0.50% 327.36
BKTi	46,992.31 14.07M	0.64% 300.00
OGTi	34,488.93 4.55M	0.11% 37.74

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	75,815.00	76,145.00 75,140.00	-350.00 -0.46%
BRENT CRUDE	108.05	108.59 107.50	-0.70 -0.64%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	2.75 2.16%
ROTTERDAM COAL MONTHLY	138.50	138.50 138.50	-0.80 -0.57%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	104.83	105.63 104.23	-1.00 -0.94%
SUGAR #11 WORLD	17.98	18.30 17.88	-0.18 -0.99%