# Bank Alfalah accounts compared: which account to open

URL: https://which.pk/money/guides/bank-alfalah-accounts/
Author: Hassam
Updated: 17 Oct 2026

## Summary

From 1 August 2026, Bank Alfalah pays individuals 10% a year on PLS Savings, Royal Profit and Asaan savings (up to Rs 10 million), and 10.05% to 10.30% on Kifayat, Pehchaan Savings and Care, depending on balance. Under the July to December 2026 schedule, Current Plus, Kifayat and Royal Profit charge Rs 43 a month below their required balance; PLS Savings, Classic Current, Pehchaan, Asaan and the freelancer accounts don't. Asaan accounts hold up to Rs 3 million.

## Key facts

- PLS Savings rate (from 1 Aug 2026): 10% up to Rs 1 crore
- Highest savings tier: 10.30% (Kifayat, Pehchaan, Care)
- Low-balance fee (Jul–Dec 2026): Rs 43 a month on some accounts
- Asaan account cap: Rs 3 million balance

The right Bank Alfalah account depends on whether you want profit and how much you keep in it. On the rate sheet effective 1 August 2026, the **PLS Savings Account** pays individuals **10% a year** up to Rs 1 crore with no minimum balance, while **Kifayat** pays up to **10.30%** monthly but charges **Rs 43 a month** below Rs 50,000 (July to December 2026 charges). Current accounts pay no profit. If you have only a CNIC, the **Asaan account** opens with Rs 100.

**Bank Alfalah PLS Savings, individuals, up to Rs 1 crore:** 10.00% a year (Profit paid twice a year on monthly average balance. Rate sheet effective 1 August 2026, the latest in Bank Alfalah's public file store on 17 October 2026. Above Rs 10 million it is 9.50%.)

## Which Bank Alfalah account should I open?

Start from what you need. Each pick is explained further down.

| You want | Bank Alfalah account | Why |
|---|---|---|
| Profit with no balance rules | PLS Savings | 10%, opens with Rs 100, no balance charge; profit twice a year |
| Monthly profit on a bigger balance | Kifayat | 10.05% to 10.30% monthly; Rs 43 a month fee below Rs 50,000 |
| An everyday account with no balance rule | Classic Current | No profit, no balance charge, free cheque book |
| An account with only a CNIC | Asaan (branch or digital) | Opens with Rs 100; up to Rs 3 million balance |
| To get paid from abroad as a freelancer | Freelancer Digital Current or Savings | Opens online with a dollar ESFCA (Exporters' Special Foreign Currency Account) |
| An account for a woman, senior or child | Pehchaan, Care, SnaPack | No balance charge; monthly profit on the savings versions |

Bank Alfalah also has an Islamic banking arm with its own schedule of charges. We haven't covered its Islamic accounts here. For a fully Islamic bank, see [Meezan Bank accounts](/money/guides/meezan-bank-accounts/).

## What are the Bank Alfalah account types?

These are Bank Alfalah's main rupee accounts for individuals. Rates are from the rate sheet effective 1 August 2026; the Rs 43 fee is from the July to December 2026 schedule of charges and key fact statement (KFS).

| Account | Type | Profit (individuals) | Profit paid | Rs 43 monthly fee? |
|---|---|---|---|---|
| PLS Savings | Savings | 10.00% up to Rs 10 million | Twice a year | No |
| Asaan Savings / Asaan Digital Savings | Savings | 10.00% (balance capped at Rs 3 million) | Twice a year | No |
| Royal Profit | Savings | 10.00% up to Rs 10 million | Monthly | Yes, below Rs 50,000 |
| Kifayat | Savings | 10.05% to 10.30% | Monthly | Yes, below Rs 50,000 |
| Pehchaan Savings (women) | Savings | 10.05% to 10.30% | Monthly | No |
| Care Senior Citizen (55+) | Savings | 10.05% to 10.30% | Monthly | No |
| SnaPack Kids (under 18) | Savings | 10.25% up to Rs 10 million | Monthly | No |
| Freelancer Digital Savings | Savings | 10.00% up to Rs 10 million | Monthly | No |
| Classic Current | Current | None | n/a | No |
| Rupee Current Plus | Current | None | n/a | Yes, below Rs 25,000 |
| Pehchaan Current (women) | Current | None | n/a | No |
| Asaan Current | Current | None | n/a | No |
| Freelancer Digital Current | Current | None | n/a | No |

The fee is Rs 43 a month plus tax. The schedule waives balance charges for Zakat mustahiqeen, students, and government salary and pension accounts.

## What is the Bank Alfalah saving account profit rate?

On the rate sheet effective 1 August 2026, most Bank Alfalah savings accounts pay 10% a year on balances up to Rs 10 million, matching SBP's minimum. According to an Allied Bank explainer (we couldn't open SBP's site), banks must pay individuals at least 10% on savings as of 15 September 2026, for average balances up to Rs 10 million. Three accounts pay a little more as your balance grows.

| Balance | Kifayat | Pehchaan Savings | Care Senior Citizen |
|---|---|---|---|
| Up to Rs 9,999 | 10.05% | 10.05% | 10.05% |
| Rs 10,000 to Rs 49,999 | 10.05% | 10.05% | 10.30% |
| Rs 50,000 to Rs 499,999 | 10.05% | 10.15% | 10.30% |
| Rs 500,000 to Rs 4,999,999 | 10.15% | 10.30% | 10.30% |
| Rs 5 million to Rs 10 million | 10.30% | 10.30% | 10.30% |
| Above Rs 10 million | 9.50% | 9.50% | 9.50% |

So below Rs 5 million, **Pehchaan Savings** and **Care** pay the same as Kifayat or more, with no Rs 43 fee, if you qualify. Profit on all three is worked out on your monthly average balance and paid every month.

If you can lock money away, Bank Alfalah's one-year term deposit paid 9.65% (monthly profit) to 10.20% (at maturity) for under Rs 1 million, effective 21 August 2026. On the same sheet, one-year **Alfa Term Deposits**, booked only in the Alfa app, paid 10.70% monthly or 11.30% at maturity. Banks deduct tax on profit; see [tax on bank profit](/money/guides/tax-on-bank-profit/). To compare banks, see [savings account profit rates](/money/guides/savings-account-profit-rates/).

**Which rate sheet we used:** bankalfalah.com blocked our requests, so we took rates from the PDF rate sheets in Bank Alfalah's own file store. The newest one, uploaded 31 August 2026, gives savings rates effective 1 August 2026. The digital KFS for July to December 2026, dated 30 June 2026, still shows Kifayat and Care at 9.05% to 9.30%. Product features come from Internet Archive copies of bankalfalah.com pages from January to May 2026. Ask the branch for the current rate before you open.

## Bank Alfalah current account vs Current Plus account

Bank Alfalah's two main everyday accounts differ mainly in the balance rule. Figures are from the July to December 2026 schedule and KFS, excluding tax.

| | Classic Current | Rupee Current Plus |
|---|---|---|
| Opening deposit | Not stated | Rs 1,000 |
| Required balance | None | Rs 25,000 monthly average |
| Fee below that balance | None | Rs 43 a month |
| Cheque book | Free | Free |
| Profit | None | None |

Bank Alfalah's rupee Current Account page (Internet Archive copy, January 2026) gives the same Rs 1,000 opening deposit and Rs 25,000 balance, with unlimited transactions. The Classic Current page (Internet Archive copy, May 2026) lists 2 free over-the-counter deposits and 2 free cheque withdrawals a month, yet also says there are no restrictions. Ask the branch which applies.

## What are Bank Alfalah account charges?

These apply to most Bank Alfalah conventional accounts under the July to December 2026 schedule. Charges exclude FED or sales tax unless marked.

| Service | Charge |
|---|---|
| Opening or closing an account | Free |
| Withdrawal at a Bank Alfalah ATM | Free |
| Withdrawal at another bank's ATM | Rs 35 |
| Transfer to another Bank Alfalah account | Free |
| IBFT (to another bank) through Alfa or internet banking | Free up to Rs 25,000 a month, then 0.1% or Rs 200, whichever is lower |
| IBFT at a branch counter | Rs 200 (incl. tax) |
| Cheque book | Free on the main accounts (KFS) |
| SMS alerts | Free for digital transactions; Rs 250 a month for branch transactions |
| Stop payment | Rs 750 a cheque, maximum Rs 1,650 a request |
| Cheque returned unpaid | Rs 1,000 |

Debit cards cost the same on most accounts, charged as an issuance and annual fee: **PayPak Rs 3,000**, UnionPay PayPak Classic Rs 3,000, **Visa Classic Rs 3,800** and Visa Gold Rs 5,500. The KFS lists digital fund transfers simply as "Free"; we follow the schedule's Rs 25,000 limit, which is more detailed. For how this compares with other banks, see [bank charges in Pakistan](/money/guides/bank-charges-pakistan/).

## What is the Bank Alfalah Asaan account limit?

A Bank Alfalah Asaan account can hold up to **Rs 3 million**, and you can take out up to **Rs 1 million a month**, according to its Asaan Current page (Internet Archive copy, February 2026). Home remittances from abroad can come in, but commercial remittances can't. Term deposits you book from the account count toward the Rs 3 million.

- Opens with **Rs 100** and a CNIC only
- No minimum balance and no balance charge
- Comes as a current account (no profit) or a savings account (10%, paid twice a year)
- Can be opened online as the **Asaan Digital** account through Bank Alfalah's RAPID portal

The Asaan Digital Savings page also gives Rs 1 million as the balance limit in one table. The rate sheet and the other Asaan pages say Rs 3 million, which we follow. Asaan Digital debit cards are not free: PayPak is Rs 3,000 a year under the July to December 2026 schedule. For how Asaan accounts work at other banks, see [Asaan account](/money/guides/asaan-account/).

## How does the Bank Alfalah freelancer account work?

The **Freelancer Digital Account** is for people living in Pakistan who sell online services, including IT work, and are paid from abroad. It comes as a current account (no profit) or a savings account (10% up to Rs 10 million, paid monthly). Both open with a dollar **ESFCA** alongside the rupee account. The details below are from the product pages (Internet Archive copies, January and March 2026).

- **Keeping dollars:** you can keep USD 5,000 a month or 50% of your export proceeds, whichever is higher, in the ESFCA, and convert to rupees any time.
- **Paying abroad:** the page says you can use the dollars for digital and freelance-related payments without SBP approval, and use the FCY debit card abroad.
- **Balance:** no minimum balance, and no balance charge under the July to December 2026 KFS.
- **Tax:** the page lists withholding tax of 0.25% for PSEB-registered IT services, otherwise 1% on export proceeds.
- **Where:** online through the RAPID portal, with no branch visit; the savings version opens only there.

For other ways to receive money from clients, see [freelancer payment methods](/business/guides/freelancer-payment-methods-pakistan/).

## How do I open a Bank Alfalah account online?

Bank Alfalah opens digital accounts through its RAPID portal. Its savings account pages (Internet Archive copies, January 2026) give four steps.

1. **Give your details.** Fill in your information and choose the account and banking options you want.
2. **Upload documents.** Add copies of your identity documents and any other documents asked for.
3. **Wait for checks.** The bank verifies and processes your application.
4. **Start banking.** You get a confirmation once the account is active.

Asaan Digital accounts need only your CNIC. Bank Alfalah charges nothing to open an account. For other banks' online accounts, see [open a bank account online](/money/guides/open-bank-account-online/).

## Which Bank Alfalah account suits women, seniors and children?

Product details here are from Internet Archive copies of Bank Alfalah's pages (January 2026); charges are from the July to December 2026 schedule and KFS.

- **Pehchaan (women):** current or savings, in rupees or in USD, GBP, EUR, JPY, CNY or AED. No balance charge, a customised debit card (Rs 5,500 a year), discounts on financing, and a free locker if you keep Rs 500,000 on average in a rupee Pehchaan Current Account. Existing customers can switch into Pehchaan.
- **Care Senior Citizen (55 and above):** monthly profit of 10.05% to 10.30%, no minimum balance, free cheque book and banker's cheque.
- **SnaPack Kids (under 18):** opens with Rs 100, pays 10.25% monthly, and has a debit card limited to Rs 10,000 a day. The product page says the card is free, but the July to December 2026 KFS lists Rs 3,800 a year, "terms and conditions apply". Up to 3 withdrawals a month are free, not counting card use.

Bank Alfalah holds PACRA's top AAA rating, maintained on 24 June 2026. According to PACRA, its branch network reached 1,186 locations during 2025.

More guides: [Bank Alfalah credit cards](/money/guides/bank-alfalah-credit-cards/), [HBL accounts](/money/guides/hbl-accounts/), [UBL accounts](/money/guides/ubl-accounts/), [HBL vs UBL](/money/guides/hbl-vs-ubl/), [Meezan Bank vs other banks](/money/guides/meezan-bank-vs-other-banks/), [best bank in Pakistan](/money/guides/best-bank-in-pakistan/), [Money](/money/).

## Questions people ask

### What is the Bank Alfalah saving account profit rate?

On Bank Alfalah's rate sheet effective 1 August 2026, the PLS Savings Account pays individuals 10% a year up to Rs 10 million, paid twice a year. Kifayat, Pehchaan Savings and Care Senior Citizen pay 10.05% to 10.30%, with profit paid monthly, depending on your balance. Above Rs 10 million, rates drop to 9.50%.

### Does a Bank Alfalah current account have a minimum balance charge?

It depends on the account. Under the July to December 2026 schedule, the rupee Current Plus Account charges Rs 43 a month (plus tax) if your monthly average balance falls below Rs 25,000. The Classic Current, Pehchaan Current and Asaan Current accounts have no balance charge.

### What is the Bank Alfalah Asaan account limit?

A Bank Alfalah Asaan account can hold up to Rs 3 million (rate sheet effective 1 August 2026). Its product page (Internet Archive copy, February 2026) says you can take out up to Rs 1 million a month, it opens with Rs 100 and a CNIC, and home remittances are allowed but commercial remittances are not.

### Which Bank Alfalah account is for women?

Pehchaan, which comes as a current or a savings account, in rupees or six foreign currencies (product page, Internet Archive copy, January 2026). Neither version has a balance charge under the July to December 2026 schedule, and Pehchaan Savings pays 10.05% to 10.30% monthly (from 1 August 2026).

### Can I open a Bank Alfalah freelancer account online?

Yes. According to Bank Alfalah's product pages (Internet Archive copies, January and March 2026), the Freelancer Digital Current and Savings accounts open online through its RAPID portal, with no branch visit. You must live in Pakistan and earn from online work paid from abroad; a dollar ESFCA is opened alongside.

## Sources

- [Indicative Deposit Profit Rates (savings effective 1 August 2026)](https://prodbaf.blob.core.windows.net/data/BAFL%20-%20Deposit%20Rate%20Sheet%20-%2021st%20August%202026.pdf), Bank Alfalah (accessed 17 Oct 2026)
- [Schedule of Bank Charges, July to December 2026 (Conventional)](https://prodbaf.blob.core.windows.net/data/Schedule%20of%20Charges%20July%20-%20Dec%202026%20(conventional).pdf), Bank Alfalah (accessed 17 Oct 2026)
- [Key Fact Statement, Rupee Current and Savings Accounts (Branch), July to December 2026](https://prodbaf.blob.core.windows.net/data/00%20-%20Branch%20KFS%20for%20PKR%20Current%20and%20Savings%20Accounts%20(30-06-26).pdf), Bank Alfalah (accessed 17 Oct 2026)
- [Key Fact Statement, Rupee Current, Savings and Digital Accounts (RAPID), July to December 2026](https://prodbaf.blob.core.windows.net/data/00%20-%20Digital%20KFS%20for%20PKR%20Current%20Savings%20Digital%20Accounts%20(30-06-26).pdf), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Savings Account (Internet Archive copy, 12 Jan 2026)](https://web.archive.org/web/20260112213022/https://www.bankalfalah.com/personal-banking/deposit-accounts/savings-account/alfalah-savings-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Kifayat Account (Internet Archive copy, 12 Jan 2026)](https://web.archive.org/web/20260112210552/https://www.bankalfalah.com/personal-banking/deposit-accounts/savings-account/alfalah-kifayat-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Rupee Current Account (Internet Archive copy, 12 Jan 2026)](https://web.archive.org/web/20260112203652/https://www.bankalfalah.com/personal-banking/deposit-accounts/current-accounts/alfalah-current-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Classic Current Account (Internet Archive copy, 12 May 2026)](https://web.archive.org/web/20260512211821/https://www.bankalfalah.com/personal-banking/deposit-accounts/current-accounts/alfalah-classic-current-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Asaan Current Account (Internet Archive copy, 19 Feb 2026)](https://web.archive.org/web/20260219100751/https://www.bankalfalah.com/personal-banking/deposit-accounts/current-accounts/alfalah-asaan-current-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Asaan Digital Savings Account (Internet Archive copy, 12 Jan 2026)](https://web.archive.org/web/20260112213924/https://www.bankalfalah.com/personal-banking/deposit-accounts/digital-accounts/bank-alfalah-assan-digital-saving-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Freelancer Digital Current Account (Internet Archive copy, 17 Mar 2026)](https://web.archive.org/web/20260317144732/https://www.bankalfalah.com/personal-banking/deposit-accounts/digital-accounts/bank-alfalah-freelancer-digital-current-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Freelancer Digital Savings Account (Internet Archive copy, 16 Jan 2026)](https://web.archive.org/web/20260116152141/https://www.bankalfalah.com/personal-banking/deposit-accounts/digital-accounts/bank-alfalah-freelancer-digital-saving-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Pehchaan Current Account (Internet Archive copy, 15 Jan 2026)](https://web.archive.org/web/20260115181643/https://www.bankalfalah.com/personal-banking/deposit-accounts/alfalah-pehchaan-current-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah Care Senior Citizen Account (Internet Archive copy, 12 Jan 2026)](https://web.archive.org/web/20260112211736/https://www.bankalfalah.com/personal-banking/deposit-accounts/savings-account/alfalah-care-senior-citizen-account/), Bank Alfalah (accessed 17 Oct 2026)
- [Bank Alfalah SnaPack Kids Account (Internet Archive copy, 15 Jan 2026)](https://web.archive.org/web/20260115181947/https://www.bankalfalah.com/personal-banking/deposit-accounts/digital-accounts/bank-al-falah-snapack-kids/), Bank Alfalah (accessed 17 Oct 2026)
- [PACRA Maintain the Entity Ratings of Bank Alfalah Limited, 24 June 2026](https://pacra.com/finalPr/MTYwMTk=), PACRA (accessed 10 Oct 2026)
- [SBP Policy Rate Explained for Savers](https://www.abl.com/sbp-policy-rate-explained/), Allied Bank (accessed 17 Oct 2026)