Bank Alfalah accounts compared: which account to open

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.

Which Bank Alfalah account should I open?

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

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.

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).

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.

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. To compare banks, see savings account profit rates.

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.

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.

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.

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.

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.

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.

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.

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.

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