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Term Deposit Account

Term deposit is offered by Soneri Bank to Individuals (in single or joint names), Minors (to be operated by the guardian), Charitable Institutions, Provident Fund and other funds of benevolent nature local bodies, Autonomous Corporations, Limited Companies, Firms, Associations, Educational Institutions etc who have the intention of retaining their savings for a fixed period thereby earning a higher rate of profit. The Term Deposit allows you to save a fixed amount in Pak Rupee for a set period ranging from 1 month to 60 months at a provisional and attractive profit rate. The depositor has the option to reinvest the deposit automatically with or without profit.

Minimum Deposit Amount:

Automatic renewals

Upon maturity, your deposit is automatically renewed for the same tenor at the prevailing profit rate unless you instruct otherwise.

 

Pre-matured Encashment

Pre-matured encashment is allowed without any penalty however you will receive profit less than originally contracted.

 

Running Finance facility

You can use your Term Deposit as collateral to apply for Running Finance facility.

  • Govt. Withholding Tax apply on all cash withdrawals over Rs. 25,000/- and profit credited into account
  • Zakat is deductable from Account however Zakat exemption forms are accepted

 

SHARING PROFIT/LOSS

  • Provisional rates are announced on a six monthly basis however profit/loss earned/incurred on Term Deposits are determined by the Bank at its sole discretion on the basis of its net working result at the end of each half-year/ year
  • Calculation of products on Term Deposit is computed on a daily product basis

 

Provisional Rates

ANNUALISED RATES OF EXPECTED PROFIT FOR DIFFERENT TYPES OF PLS DEPOSITS.

Effective: 01.September.2010

Period: July - December, 2010

 

Term Rate of Return p.a
1 month 8.00 %
3 month 8.50 %
6 month 9.00 %
1 year 10.50 %
2 years 11.50 %
3 years 12.50 %