U Bank Islamic Banking offers Ba-Aitmaad Bachat Account which is a Riba-Free remunerative saving account. This is a general banking account for individuals or entities and provides Shari’ah compliant saving account.
Salient Features:
- No minimum balance requirement
- Account can be opened with minimum Rs. 100/-
- Profit Payment on monthly basis
- Cheque book, Pay Order and Debit Card facility
- No restriction on deposit and withdrawals
- FREE Internet Banking
- FREE SMS Alert and Email
- FREE Online Banking
Saving Account at U Bank
Saving account is based on the principles of Mudarabah, where Customer is “Rabb-ul-Maal” and Bank is “Mudarib”. Bank may at its discretion, use or employ such funds as it deems fit under the products and avenues approved by Shari’ah Advisor of the Bank. Bank shall share the profit on the basis of predetermined profit sharing ratio. Return on deposits will be based on predetermined weightages for each month or for any interval decided by the bank. Fact sheet containing this information shall be available at Customer’s request and can be placed at the public notice board of branches and on the bank’s website.
In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.
