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MCB Bank Account Charges Overview

This key fact statement provides information about MCB Bank's Young Current and Young Savings accounts, including details such as: - Minimum balance requirements, account maintenance fees, and profit rates - Service charges for various transactions like cash, debit cards, cheques, and fund transfers - Digital banking services and their associated fees - Requirements for opening an account and responsibilities of the customer to keep information safe The statement notes that all fees are subject to change and refers customers to the bank's website or branches for up-to-date information.

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Fahad Magsi
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49 views3 pages

MCB Bank Account Charges Overview

This key fact statement provides information about MCB Bank's Young Current and Young Savings accounts, including details such as: - Minimum balance requirements, account maintenance fees, and profit rates - Service charges for various transactions like cash, debit cards, cheques, and fund transfers - Digital banking services and their associated fees - Requirements for opening an account and responsibilities of the customer to keep information safe The statement notes that all fees are subject to change and refers customers to the bank's website or branches for up-to-date information.

Uploaded by

Fahad Magsi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

K14-H1-2023

MCB Bank Limited


KEY FACT STATEMENT FOR DEPOSIT PRODUCTS

Branch Name & Code: Period: January - June, 2023


City: Date:

IMPORTANT: Read this document carefully if you are considering opening a new account. You may also use this document
to compare different accounts offered by other banks. You have the right to receive Key Fact Statement (KFS) from other
banks for comparison.

Account Types & Salient Features:


This information is accurate as of the above mentioned date. Services, fees and mark up rates may change on a bi-annual
basis. For details of current fees/charges, you may visit our website or your nearest MCB Bank branch.

MCB Young Current MCB Young Savings


Particulars
Account Account
Currency PKR
To Open Zero
Minimum Balance
To Keep NIL

Account Maintenance Fee


Zero
(Including Taxes)

Is Profit Paid on account No Yes


Indicative Profit Rate (%) NA As per Bank’s Rate Sheet
Profit Payment Frequency NA Quarterly
Example If the indicative profit rate is 5.50%,
on each Rs. 1,000, the customer
NA
can earn a gross profit of Rs.
13.74/Quarter

Premature/ Early Encashment/Withdrawal Fee NA

Service Charges
IMPORTANT: This is a list of the main service charges for this account and does not include all charges. For the Bank’s
complete Schedule of Bank Charges (SOBC), please visit your nearest MCB Bank branch or the ‘Quick Links’ section of
the Bank’s corporate website ([Link]). Please note that all bank charges are exclusive of applicable taxes.

Services Modes
Charges may vary according to the amount / number of transactions.
Intercity
For details, please refer to SOBC
Intra-city Zero
Cash Transaction Own ATM withdrawal Zero
Other Bank ATM
Rs. 23.44
(inclusive of FED)
Alternate Delivery
Zero
Channels/Digital Channels
SMS Alerts
Clearing
Rs. 100
For other transactions
Visa Silver Rs. 1,300
Visa Gold Rs. 2,000
Debit Cards
Issuance: Rs. 1,000
Visa Gold Plus
Annual: Rs. 2,000
Visa Platinum Rs. 6,000
Issuance: Zero
PayPak Classic Zero
Annual: Rs. 1,100

Issuance: Zero
PayPak Gold Zero
Annual: Rs. 1,400

Page 1 of 3
MCB Bank Limited
KEY FACT STATEMENT FOR DEPOSIT PRODUCTS

MCB Young Current MCB Young Savings


Particulars
Account Account
Issuance Free (1/month)
Cheque Book Stop payment Up to Rs. 450/Cheque
Loose cheque NA
Banker Cheque/Pay Charges may vary according to the amount / number of transactions.
Local Remittance
order For details, please refer to SOBC
Charges may vary according to the amount / number of transactions.
Foreign Demand Draft
For details, please refer to SOBC
Foreign Remittance
Wire Transfer Charges may vary according to the amount / number of transactions.
For details, please refer to SOBC
Annual Zero
Statement of Account
Half Yearly Zero
(Inclusive of FED)
Duplicate Rs. 35
Alternate Delivery Charges may vary according to the amount / number of transactions.
Fund Transfer Channels/Digital Channels For details, please refer to SOBC
Others Upto Rs. 275
Internet Banking
Digital Banking Zero
Subscription

Mobile Banking
Zero
Subscription
Normal Zero
Charges may vary according to the amount / number of transactions.
Intercity
For details, please refer to SOBC
Clearing
Charges may vary according to the amount / number of transactions.
Same Day
For details, please refer to SOBC
Closure of Account Customer Request Zero

You Must Know

Requirements to open an account: To open the account you will need to satisfy some identification requirements as per
regulatory instructions and banks' internal policies. These may include providing documents and information to verify your
identity. Such information may be required on a periodic basis. Please ask us for more details.

Cheque Bounce: Dishonoring of cheques is subject to a criminal trial in Pakistan w.r.t. 489-F of Criminal Procedure Court.
Accordingly, you should be writing cheques with utmost prudence.

Safe Custody: Safe custody of access tools to your account like ATM cards, PINs, Cheques, e-banking usernames, pass
words; other personal information, etc. is your responsibility. Bank cannot be held responsible in case of a security lapse at
the customer’s end. MCB Bank will never ask for your personal information (password, debit/credit card PIN) via call, SMS or
email. Kindly do not disclose such details to anyone.

Record updation: Always keep profiles/records updated with the bank to avoid missing any significant communication. You
can contact your MCB Bank Branch to update your information.

What happens if you do not use this account for a long period?
Accounts not operated within one year shall be classified as "Dormant Accounts" i.e. You will not be able to operate your
account until it is reactivated. Deposits/Instruments, which remain inoperative for a period of 10 years, shall become
unclaimed and will be surrendered to the State Bank of Pakistan (SBP) as per provisions of Section 31 of Banking Companies
Ordinance (BC O), 1962. To reactive your account, please visit your branch.

Page 2 of 3
MCB Bank Limited
KEY FACT STATEMENT FOR DEPOSIT PRODUCTS

Unclaimed Deposits: In terms of Section 31 of Banking Companies Ordinance, 1962 all deposits which have not been
operated during the period of last ten years, except deposits in the name of a mi nor or a Government or a court of law, are
surrendered to State Bank of Pakistan (SBP) by the relevant banks, after meeting the conditions as per provisions of law. The
surrendered deposits can be claimed through the respective banks. For further information, please contact your MCB Bank
Branch or MCB Contact Centre 111-000-622.

Closing this account: In order to close your account, please visit your branch and fill the account closure form. Please
surrender any unused Cheque Book(s) and/or Debit Card(s).

How can you get assistance or make a complaint?


MCB Bank Limited,
Complaint Resolution Unit,
20th Floor, MCB Tower,
I.I. Chundrigar Road, Karachi
Helpline: 111-000-622
Email: info@[Link]
Website: [Link]

If you are not satisfied with our response, you may contact:
For complaints which remain unresolved beyond 45 days, you may write to Banking Mohtasib Pakistan, Shaheen Complex,
M.R. Kiyani Road, Karachi
or visit [Link]

I ACKNOWLEDGE RECEIVING AND UNDERSTAND THIS KEY FACT STATEMENT


Customer Name: Date:
Product Chosen:
Mandate of account: Single/Joint/Survivor
Address:
Contact Number: Mobile Number:
Email Address:
Customer Signature: Signature Verified:

Page 3 of 3

Common questions

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MCB Bank advises customers to securely maintain account access tools and cautions against sharing personal information like passwords and PINs. They emphasize the importance of not disclosing these details during calls, SMS, or emails .

MCB Bank handles complaints through its Complaint Resolution Unit. If not satisfied, customers can escalate unresolved complaints beyond 45 days to the Banking Mohtasib Pakistan .

MCB Bank is obligated to provide a Key Fact Statement to new account holders, detailing services, fees, and account features. They must also notify customers of changes in fees and other relevant account information .

Interest earnings are affected by the indicative profit rate of 5.50% and the quarterly profit payment frequency. For every Rs. 1,000, a customer earns a gross profit of Rs. 13.74 per quarter, impacting savings growth over time .

MCB Bank classifies accounts that have not been operated within one year as 'Dormant Accounts,' meaning customers cannot operate them until reactivated. If deposits/instruments remain unclaimed for 10 years, they are surrendered to the State Bank of Pakistan .

According to Section 31 of the Banking Companies Ordinance, 1962, MCB Bank must surrender deposits not operated on for the last ten years to the State Bank of Pakistan, except those in the name of minors, the government, or courts. These can be claimed through the respective banks .

MCB Bank charges Rs. 23.44 for other bank ATM withdrawals, but there's no fee for own ATM withdrawals. Debit card issuance fees vary: Visa Silver is issued for Rs. 1,000 with an annual fee of Rs. 2,000, while PayPak is issued for free .

MCB Bank expects customers to maintain safe custody of their account access tools such as ATM cards, PINs, cheques, e-banking usernames, and passwords. The bank cannot be held responsible for security lapses at the customer’s end and advises not to disclose personal information .

Failing to keep records updated with MCB Bank could result in missing significant communications. It could also pose operational challenges and increase risk in account management .

To close an account at MCB Bank, a customer must visit their branch and fill out the account closure form. Additionally, they need to surrender any unused Cheque Book(s) and/or Debit Card(s).

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