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

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

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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.

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