Bank Alfalah

Overview

The Bank Alfalah Islamic Freelancer Digital Savings Account makes banking simple for freelancers working with international clients. With instant digital account opening, dual PKR and USD account options, and the ability to retain a portion of your export proceeds in foreign currency, this account provides flexibility, security, and convenience—backed by Riba-free profit and free essential banking services.

What you get

Instant digital account opening with minimal documentation.
PKR and USD account options for savings and transactions.
Riba-free profit with monthly disbursement.
Flexibility to retain export proceeds in foreign currency.
Free digital banking services and essential benefits.

Features & Benefits

Eligibility

• Resident Pakistani nationals engaged in providing digital/online services, including IT and related services.
• Payments must be received from abroad against freelance or digital work.

Foreign Currency Flexibility

• Primary account in PKR with an Exporters’ Special Foreign Currency Account (ESFCA) in USD.
• Retain up to USD 5,000 per month or 50% of export proceeds, whichever is higher.
• Funds in ESFCA can be converted to PKR anytime.
• Balances in ESFCA can be used for personal and work-related current account payments (e.g. digital services, marketing, subscriptions, certifications, education) without SBP approval.

Initial Deposit

• PKR Account: No deposit required.
• USD Account: No deposit required.

Profit Advantage

• Profit-bearing single-tier savings account.
• Profit calculated on monthly average balance.
• Profit disbursed monthly.

No Minimum Balance

No minimum balance requirement for PKR or USD accounts.

Free Banking Essentials

• Debit card available for PKR and FCY accounts*.
• Cheque book available for PKR accounts*.
• Free SMS alerts on all ADC transactions.
• Free e-statements.

Complimentary Takaful

Maintain an average monthly balance of PKR 10,000 in your checking account to receive free accidental death and permanent disability takaful coverage of up to PKR 2 million.

Preferred Banking Benefits

Maintain a monthly average balance of PKR 1 million (or equivalent FCY deposit in current/savings/term deposit accounts) to enjoy free services as part of Preferred Banking.

Underlying Principle

This product is based on the concept of Mudarabah.

How To Open

Initiate Application

Provide your details and select desired banking options available.

Provide Documents

Upload copies of your identity and other required documents.

Review Process

Allow the bank to verify and process your application.

Account Activation

Receive confirmation of account activation and start banking!

Open An Account

Required Documents

Valid CNIC/NICOP/SNIC.
Proof of source of income (freelance/digital services declaration).
Valid email address and mobile number for digital registration.
Any additional documents required under prevailing regulations.

Important Documents

Compare Account

Features	Bank Alfalah Islamic Freelancer Digital Savings Account
Currency	PKR	—
Initial Deposit to Open	-	-
Minimum Balance to Keep	-	—
Account Maintenance Fee	-	—
Indicative Profit	0.08	—
Profit Payment Frequency	Monthly	—
Debit Card	Yes - Charged	-
Cheque Book	First Cheque book free, subsequent cheque books PKR 22.5/- Per leaf or equivalent for FCY accounts	—
SMS Alerts	PKR 250/- Per Month	—
E-Statement	Have this feature	—
Bankers Cheque	PKR 450/-	—
Clearing	Intercity - 350 Per Cheque, Same Day - PKR 600/- Per instrument	—
Account Limits	No Limits	—
IBFT	Free up to minimum aggregate sending limit of PKR 25,000/- per month per account, After exhaustion of monthly limit or for amount exceeding aggregate of monthly PKR 25,000/-; 0.1 % of the transaction amount or PKR 200/- (whichever is lower) will be charged.	—
	Open An Account