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How long should I have a relationship with the bank before I invest?

It is not necessary for you to have a long term relationship with the Bank in order to deposit your money. Most Banks will open an account within a day and will be happy to deposit your money as soon as they can

How will I know the closest branch to invest my money

After Using Comparebanks you can decide which bank you would like to invest with. Once you select the offer, the bank’s representative will call you and guide you to the closest branch.

Will the bank deduct taxes on my profit?

Yes as per the rules of the Government of Pakistan the Banks will deduct a withholding tax. This tax rate is different for tax payers (10%) and different for non-taxpayers (15%). For example if your profit comes of PKR.1,000, the bank will deduct PKR 10 as withholding tax (in case the customer is a tax payer)

Will the Bank Deduct Zakat on my fixed deposits?

Yes as per the rules of the Government of Pakistan Zakat has to be deducted. However you can submit a declaration instructing the bank not to deduct Zakat for your account.

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