Proposed features of Saving and Current Accounts

a) BOK's SAVING ACCOUNT

1. Name: They shall be called Interest Free PLS Saving A/C
2.Basic Features of Saving A/c:

The Deposits shall be accepted on the basis of Musharaka/Modaraba principle

Minimum deposit required to open account:Rs.5,000/-
Minimum average deposit for eligibility of profit:Rs.5,000 /-

3.Profit calculation for Saving A/c

• To be calculated on average monthly balance.
  
• Profits to be calculated by using weightages for the following tiers.

Rs. 5,000 up to Rs.999,999
Rs. 1000,000 up to Rs.4,999,999
Rs. 5,000,000 up to Rs.9,999,999
Rs. 10,000,000 and above

• Profits to be calculated by using weightages for each type of Deposit.
• Profit rates and weightages shall be derived and announced on a monthly basis.
• If at anytime during the month the minimum deposit falls below Rs.5,000, no profit shall be paid.
• Profit to be calculated on individual accounts, and not on multiple accounts grouped together, of the same account holder.

4. Profit Declaration:

• Profit declaration on Accounts will be on December 31, 2003 and subsequently monthly, that is, 1st of every month.
• Profits to be disbursed every 6 month (In January and July).

b) BOK's CURRENT ACCOUNT

Name: It shall be called Current A/C

Basic Features of Current A/c

· The current Deposits shall be accepted on Qarz-e-Hasana basis.
Minimum deposit required to open account: Rs.5,000
RFCs Holders may open accounts without any minimum balance requirements
It shall be payable on demand.