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This refers to you terminating your Fixed Deposit / Term Deposit before your tenure is completed. Your bank will charge you a penalty and / or a service charge as per their schedule of charges when you do this. Profit is also calculated and adjusted when you withdraw prematurely from a term account. Detailed profit calculation is shared below.
For instance you invest PKR 100,000.00 for 12 Months starting January 2014. The bank has offered you 10% profit rate per annum where the profit is calculated quarterly and paid quarterly.
Here we will assume you DO NOT terminate your term deposit early. In this case every quarter you will receive = (100000*10/100)/4 = PKR 2500 every quarter, a total of PKR 10,000 per annum.
Here we will assume you terminate your deposit 3 months before maturity. In this case you will receive =(100000*10/1000)/4 = PKR 2500 for 3 quarters only Minus your termination fees.
Be mindful of government taxes, Withholding tax and Zakat which is deducted as per policy of Govt. of Pakistan.
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