Types Of Accounts in MCB

The fund deposited in the MCB bank can be classified under the main heads:

CURRENT OR DEMAND DEPOSITS SAVIGN DEPIOSITS FIXED OR TERM DEPOSITS CALL DEPOSITS Current deposits are those which are payable to bank whenever demanded by the customer. Bank does not pay any profit on current deposits. There are of different scheme of saving deposits, which are classified under different duration purpose and rate of interest.

1) Current Deposits (Or) Demand Deposits

Rules for Current Account

Current a/c holder opens Current Accounts on proper introduction only. However, introduction of a PLS Saving Account holder of repute may be accepted at the discretion of the manager. A) Minimum Balance A sum not less then RS. 1,000/- in cash as initial deposit is required for opening a current account and the same may be maintained as minimum average running credit balance. B) Profit No profit will be paid on credit balances held in current accounts.

The bank reserves the right to allow opening of current a/c at its description. All deposits and withdrawal from a current a/c will take place only at the branch where the account is being maintained. Current a/c cannot be overdrawn, except by prior agreed agreements with the bank.

The correspondence relating to current A/Cs should be addressed to manager of the branch where the account is being maintained.A A distinctive number will be allotted to each current account and shall be quoted on all correspondence relating to the respective account and at the time of making deposits and withdraws

C) Issuance of Cheque Book The Cheque book is issued against the valid requisition slip signed by the account holder as per signature provided by the bank. The account holder can draw sums from his account by means of cheque supplied to him by the bank for that particular account. In drawing cheques the amount in words and figures should be written distinctively and the cheque should be drawn in such a way as to prevent the insertion of any other word or figure. Account holder should take well care of the cheque books issued to them. The account holder will pay excise duty of Rs.4 per leaf to the government.

2) S av i ng A c c oun t
Saving accounts are opened on proper introduction with sums of credit balance within certain limit for individual (single, joint) institutions, companies, educational institutions etc. MCB has introduced various schemes under saving a/c,

PLS ACCOUNT CAPITAL GROWTH SCHEME MAHANA KHUSHALI SCHEME KHANM BACHAT SCHEME KHUSHALI BACHAT ACCOUNT MALA MAAL SCHEME SAVING 365 ACCOUNT

1. Profit and Loss Sharing Account

PLS saving account having a running minimum credit balance of RS. 1,000/would be eligible for sharing profit/loss of the bank. The bank would be within its rights to make investment of credit balances in the PLS saving accounts in any manner at its sole discretion and to make use of the fund to the best of its judgement in the banking business under the PLS system. Withdrawals Withdrawals from PLS saving account are allowed not more than 8 times in a calendar month and for a total amount not exceeding RS. 15000/- without the approval of bank manager. For withdrawal of larger amount, 7 days notice in writing is required to be given. Profit/Loss The profit/loss will be credited/debited on the basis of its net working results at the end of each half-year. Calculation of products on PLS saving A/c will be made for each calendar month on the lowest credit balance of an account between the close of business on the 6th day and the last day of the month. If the balance is less than Rs.100/- the product will be nil. Rules for PLS Account holder can only withdraw sums from his account by means of cheques supplied to him by the bank for that particular account.

Post dated and stale cheques shall not be paid. The bank reserve to itself the rights to close any account without previous notice any account which has not satisfactory account credit balance. If the account holder withdrawals the money under 7 days notice, the profit loss earning products will be computed on the monthly minimum balance. Zakat is deducted every year on non-exempted accounts.

2. K hanam B ac h a t S c hem e
Target Market Individuals planning to save funds for education & marriages of their young sons /daughters.

Individuals interested in long term deposits. Individuals in low class middle group. Individuals showing confidence in Banks long term schemes than schemes of similar maturities offered by others. The loving parents that want best for their children.

Deposit Amount We will have to deposit Rs 1000 on monthly basis t the time birth of your baby or at later stage. It will continue for upto 10 years without making any withdrawal. Conditions The account can be opened singly or jointly.

Account in the name of miner can be operated by mother, father or jointly as guardian. No advance can be extended against a minor account. If anybody withdraws prematurely then profit will be calculated on prevailing PLS account. The bank reserves the right to refuse any depositor in the scheme without giving any reason. This account can be opened in any MCB branch.

Interest The interest is given on yearly basis.

Tax & Zakat will be deducted according to rule at the time of maturity and payment.

3. Mahana Khush-hali Scheme

Target Market Individual interested investing for five years saving schemes.

Individuals who want monthly return on investment.

Middle class income group. For the persons residing abroad and family in Pakistan. For retired persons who want regular monthly return on investment.

Conditions Minimum amount required is Rs 25000 and Maximum is Rs 1 million.

This scheme can be adopted by individuals ( Single or Joint) in their names. This certificate will mature after 5 years.

Interest The bank will give profit on monthly basis.

Zakat is deducted on payments and profit according to government rules. Services We 7 our nominee can collect cross pay order. Profit amount can be send to you by postal money order & demand draft. Profit will be paid from that branch where you have opened Khush-hali Account. If a customer has a saving or current account in this bank then profit can be deposited in that account.

The following table gives the monthly returns on various amounts, based method of calculation.