Rack Rate Sheet - Summit Bank

Rack Rate Sheet

INDICATIVE RATE OF PROFIT SHEET
FOR THE PERIOD FROM MAY 1, 2023 TO JUNE 30, 2023

Six monthly Profit Payment on Average Monthly Balance

Please see note below

A Saving Accounts Individual Corporate Financial Institutions
  PLS Saving Account 19.50% 19.50% 19.50%

Profit Payment on Daily Product on Monthly Basis

Please see note below

B SBML Saving Profitable Account Rate
  Deposits Rate 19.50%

Short Notice Deposit

C Deposit Period Rate
  7-29 Days 19.50%

Profit Payment on Daily Product Paid on Monthly Basis

D SMBL Senior Citizen Account Rate
  Upto Rs.1,000,000/- 19.50%
  Above Rs.1,000,000/- 20.50%

Term Deposits

Please see note below

E Tenure Profit Payment on Maturity Profit Payment on Monthly Profit Payment on Quarterly Profit Payment on Semi-Annually
  1 Month 19.50%
  3 Months 19.75% 19.50%
  6 Months 20.00% 19.50% 19.75%
  1 Year 20.00% 19.25% 19.50% 19.75%

Profit Payment on Monthly Basis

Please see note below

F Mahana Amadan 3 Months 6 Months 1 Year
  Individual 19.50% 19.50% 19.75%
  Corporate 19.50% 19.50% 19.75%
  Financial Institution 19.50% 19.50% 19.75%

Monthly Profit Payment on Average Balance

Please see note below

G Hamara Family Savings Account Rate
  Deposits Rate 19.50%
  Additional Bonus (Note:11) 1.00%

Profit Payment on Monthly Basis

Please see note below

H Summit Advantage Account 1 Year
  Minimum Deposit Amount of Rs. 100,000/-
and Maximum Deposit Amount of Rs.10,000,000/-
19.50%

Six Monthly Profit Payment on Average Monthly Balance

I Young Bee Children’s Savings Account Rate
  Deposits Rate 19.50%

Profit Payment on Daily Product Paid on Monthly Basis

J Summit Daily Stock Account Rate
  Deposits Rate 19.50%

Profit Payment on Daily Product Paid on Monthly Basis

K Summit Smart Stock Account Rate
  Deposits Rate 19.50%

Profit Payment on Daily Product Paid on Monthly Basis

L Summit Asaan Account Rate
  Deposits Rate 19.50%

Monthly Profit Payment on Average Monthly Balance

M Non Resident Pakistani Account Rate
  Deposits Rate 19.50%
N Foreign Currency Deposit Rates  
  USD, EURO & GBP 0.50%

NOTES:

    1. Terms & Conditions applicable to the account may change from time to time. Zakat and income tax applicable as per govt. rules.
    2. All profit rates are in percentage per annum. These rates are indicative and subject to change.
    3. For relationship balances of Rs. 2.5 million and above, special rates can be quoted upon request.
    4. Minimum term deposit amount is Rs. 50,000 for Regular Term Deposits.
    5. Minimum balance of SMBL Saving Profitable Account is Rs.25,000 and all facilities to be charged to the customers
    6. In case of premature encashment of TDR, rack rate of the last completed period will be applied as per rack rate sheet of TDR booking time
    7. These rates will be applicable from May 01, 2023 for all Saving Accounts.
    8. For Term Deposits, these rates will be applicable immediately
    9. Minimum amount of deposit on Mahana Amdan Scheme will be Rs. 50,000/-.
    10. Minimum amount of deposit on Hamara Family Saving Account will be Rs. 5,000/-.
    11. Additional 1% will be given if average 6 monthly balance is maintained at Rs. 100,000/- collectively on all family accounts.
    12. Profit will be distributed on actual share of family members and payable bi-annually.
    13. Financing facility available upto 70% of total deposit amount of Summit Advantage Account. Applicable markup rate shall be 19.50% p.a.In case of premature encashment of TDR, rack rate of the last completed period will be applied as per rack rate sheet of TDR booking time.

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Last Updated 2023-05-26


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