Professional Documents
Culture Documents
Summit Bank Internship Report
Summit Bank Internship Report
Introduction
The Pakistan operations of Rupali Bank Limited were acquired by Arif Habib
Securities Limited under the Scheme of Amalgamation approved by the State
Bank of Pakistan. The name of Rupali Bank Ltd was subsequently changed to
Arif Habib Rupali Bank Ltd and then finally to Arif Habib Bank Ltd in October
2007. On 31st March 2010, Suroor Investments Ltd, a company incorporated
in Mauritius, acquired 59.41% stake in Arif Habib Bank Ltd from Arif Habib
Securities Ltd, and on 18th August 2010, Arif Habib Bank Ltd was rebranded
as Summit Bank Ltd.
By acquiring one of the best IT platforms of the world, offering web and SMS
based banking to the customers besides providing superior MIS to the
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Management; the Bank is committed to be recognized as a preferred supplier
of financial services to the markets it serves. To achieve these goals, the
Bank will strengthen itself in the financial service industry, leverage optimal
mix of technology to attain operating cost efficiencies, achieve product and
service differentiation, while at the same time growing its footprint through
further expansion of its branch network across the country, because we are
committed to you.
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1.1 Vision and Mission
Our Vision
To be the preferred provider of financial products & services to the markets.
Our Mission
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1.2 Credit Rating
Subordinate
Rating Short Medium to
d Debt Outlook
Agency Term Long
Instrument
Term
JCR-VIS A-2 A- A- (SO) Stable
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1.3 Board of Directors
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1.4 Management Committee
Husain Lawai
President and CEO
Muhammad Zahir Esmail
Chief Operating Officer
Syed Mohammad Anwar Lutfullah
Group Head IT & Operations, Consumer Banking, Home Remittance and
Corporate Communication
Ahsan Raza Durrani
Group Head Corporate & Investment Banking and Capital Market
Gulrays Khan
Group Head Human Resource & Administration and Compliance & Control
Faisal Shaikha
Head of Treasury & Financial Institution Division
Imran Ahmed
Group Head Enterprise Risk Management and Credit Administration
Aziz Morris
Head of Internal Audit
Muhammad Shakir Abbasi
Head of Islamic Banking
Muhammad Najeeb Khan
Shariah Advisor – Islamic
Banking Syed Imran Hashmi
Acting Chief Financial Officer
& Company Secretary
Habib-ur-Rehman
Group Head Special Asset Management & Fraud Management
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1.5 Generate & Validate IBAN
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2. Islamic Banking
Islamic banking (Arabic: )اللس ليمية المص رفيةis banking or banking activity that is
consistent with the principles of sharia and its practical application through
the development of Islamic economics. As such, a more correct term for
‘Islamic banking’ is ‘Sharia compliant finance’. Sharia prohibits the fixed or
floating payment or acceptance of specific interest or fees (known as riba, or
usury) for loans of money. Investing in businesses that provide goods or
services considered contrary to Islamic principles is also haraam (“sinful and
prohibited”). Although these principles have been applied in varying degrees
by historical Islamic economies due to lack of Islamic practice, only in the
late 20th century were a number of Islamic banks formed to apply these
principles to private or semi-private commercial institutions within the
Muslim community.
Salient Features:
Business Account (BA) will be opened in Pakistani Rupees.
The account can be opened with PKR 1,000/-.
The profit payable will be calculated on daily average balance and payment
of profit will be on monthly basis.
The share of profit in this account type will be minimal keeping in view that
its main purpose is to provide low cost banking to the depositor under
exemption allowed by SBP (IBD Circular No 3 of 2012).
Zakat & other levies will be applicable as per governing laws
BA holder will be eligible for 100% waiver of Schedule of Charges for the
following services*
No limit on number of Transactions
Online Transaction Facility
Visa Debit Card Issuance
Cheque Book Issuance
Issuance of Pay Order
Cancellation of Pay Order
SMS Alerts
Duplicate Pay Order Issuance
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Duplicate Account Statement
Services listed above will be offered on the basis of maintaining a daily
average balance of at least Rupees Twenty Five Thousand only (Rs 25,000/-).
Number of free transactions allowed will be determined by the bank from
time to time, and on case to case basis, and will be timely communicated to
the account holder.
Individuals
Sole Proprietorship concerns
Partnership Firms
Limited Companies (Private & Public)
Trust
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Loads of Other Services.
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2.1.2 Daily Savings Account
Salient Features:
DSA will be accepted on the basis of Mudarabah. The Bank will be the
Mudarib and the Investment Account Holders (IAHs) / Depositors will provide
funds for investment to earn Halal profit / benefit, identified as Rab-ul-Maal.
The funds so deposited will be invested in an Investment Pool which will be
managed by the Bank in capacity as Mudarib (Managing Partner).
The IAH is eligible to share Profit from the respective investment pool
according to his / her deposit in a predetermined ratio adjusted by
weightages assigned to each category of remunerative deposits. This is
calculated on calendar month basis.The Profit or Loss declared by the Bank,
as stipulated herein, shall be considered as final and binding on all the
account holders.The Bank in this capacity as Mudarib will also be entitled to
a share of the distributable profit.
The Bank may also choose to invest its own Funds. In this case the Bank will
share profit in addition to its share as Mudarib.Accordingly, in case of loss in
the respective pool, it (Loss) will be shared between the IAHs and the Bank
as per ratio of their investments in that pool.
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(provided that their source of income is not received from any prohibited
source as per the Shariah principles):
Individuals
Sole Proprietorship concerns
Partnership Firms
Limited Companies (Private & Public)
Clubs, Societies and Association
Foreign Missions / Diplomats
Agents
Accounts Trust
NGO / NPO’S / Charities
Branch Office / Liaison Office of Foreign Companies
Executors and Administrators
Government / Provincial / Local Government and Armed Forces (Including
Allied Accounts)
Salient Features:
Bachat Savings Account (BSA) will be opened in Pakistani Rupees.
The account can be opened with PKR 1,000/-.
Minimum Balance requirement is PKR 1,000/-.
Profit will be calculated on monthly average balance and payment will be Bi-
annually.
Zakat & other Levies will be applicable as per governing laws.
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Contract & Mechanism:
BSA is an “investment for profit” account governed under the rules of
Mudarabah (A form of Partnership) with a vision to provide a bouquet of
valuable services along with return on the investment. Profit payout will be
made Bi-annually.
BSA will be accepted on the basis of Mudarabah. The Bank will be the
Mudarib and the Investment Account Holders (IAHs) / Depositors will provide
funds for investment to earn Halal profit / benefit, identified as Rab-ul-Maal.
The funds so deposited will be invested in an Investment Pool which will be
managed by the Bank in capacity as Mudarib (Managing Partner).
The IAH is eligible to share Profit from the respective investment pool
according to his / her deposit in a predetermined ratio adjusted by
weightages assigned to each category of remunerative deposits. This is
calculated on calendar month basis. The Profit or Loss declared by the Bank,
as stipulated herein, shall be considered as final and binding on all the
account holders. The Bank in this capacity as Mudarib will also be entitled to
a share of the distributable profit.
The Bank may also choose to invest its own Funds. In this case the Bank will
share profit in addition to its share as Mudarib. Accordingly, in case of loss in
the respective pool, it (Loss) will be shared between the IAHs and the Bank
as per ratio of their investments in that pool.
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Fund Transfer within Summit Bank Ltd via ATM, Web & Branch Network.
Issuance of Pay Order
Outward Clearing Charges for Cheques returned unpaid.
Issuance of Islamic Visa Debit Card for 1st Year.
Internet Banking
Facility. E-Statement of
Accounts. Value Added
Services.
Special Value Added Services.
Loads of Other Services.
2.1.4 Islamic Certificates
Salient Features:
Islamic Savings Certificate (ISC) will be opened in Pakistani Rupees.
Investment can be made with wide range of options from 1 month to 5 years.
Minimum Investment required for Maturity Option is PKR 10,000/- and for
Periodic Profit Payment Option is PKR 25,000/-.
Pre-mature encashment option is available
Zakat and other Levies will be applicable as per governing Laws
Types of ISC:
The following ISC types may be offered from time to time at the discretion of
the bank:
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Issuance of Pay Order.
Outward Clearing Charges for Cheques returned unpaid.
Issuance of Islamic Visa Debit Card for 1st Year.
Internet Banking Facility.
E-Statement of Accounts.
Loads of Other Services.
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3. Deposit Products
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3.1 Summit Classic Current Account
Key Features:
One account with a bundle of product
Minimum monthly average balance as low as Rs. 50,000/-
Up to 3 Visa Debit Cards free.
Special Retirement Or Investment Insurance Plan at only Rs. 2000/month
(bancassurance)
Loan Facility (secured) with special rates
Standard Features
Collection Cheque (Local), Retained Mail, Stop Payment, Cheque book
Issuance (25 leaves), Debit Card Issuance, Debit Card Annual Fee Waiver,
Statement Issuance, Balance Certificate, Lockers (small – waiver of rent
only), Standing Instruction Fee, Inward Remittances –Local & Foreign,
Collection of Local & Foreign Currency Cheques, Statement of Accounts,
Returned Cheques, Online Statements, Online Banking, Mobile Banking,
Personal /Accidental Insurance, Cash Withdrawal Insurance.
*Minimum deposit required is Rs. 50,000/- & subject to Insurer’s Terms &
Conditions
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3.2 Current Account
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3.3 Saving Account
Summit Bank’s Savings Account is the most convenient way to manage your
savings in local and foreign currencies. Our Savings Account has been
designed to provide you with easy access to your money, as well as a higher
rate of profit.
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3.3.2 Term Deposits
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3.3.3 Mahana
Amdan Deposit
Limits
Notes:
These are not rack rates.
All Terms & Conditions must be according to the scheme.
These rates are not applicable for any amount which is less than Rs.
500,000.
In case of any deposit of more than Rs. 5 million, the Treasury front office
may be contacted for improvement of rates.
In case of premature encashment, the depositors will be paid at the rack rate
of last completed tenor on the broken period.
These rates cannot be offered to Financial Institutions, e.g. Banks, DFIs,
Investment Banks, Leasing Companies and Mutual Funds.
Eligibility:
All individuals and institutions are eligible for this account.
Period of Deposit
6 months, 1 year, 2 years & 3 Years
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Special Benefits
Free VISA debit card
Monthly profit will be credited in the depositor’s account and can be
withdrawn through cheque or ATM, free of charge
Deposit will be rolled over on maturity for the same period at the rates
prevailing on the date of maturity, unless otherwise requested by the
customer.
Free Internet Banking
Free issuance of pay orders and demand drafts
Free SMS updates for the first three months (applicable from the date of
account opening)
Conditions
Profit is subject to Zakat, withholding tax and other taxes are imposed from
time to time, unless exempted.
Regular declared TDR profit rates [for the last completed period of deposit]
will be paid on premature encashment.
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3.3.5 Hamara Summit Family Savings Account
Fostering the bond that exists with its customers, and to better serve their
financial needs, Summit Bank has come up with ‘Summit Family Savings
Account’ – a unique savings account offering superior returns and a
host of free services.
SMS alerts
Mobile Balance Recharge
Visa Debit Cards
Internet Banking
ATM Cash Withdrawal Insurance
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Personal Accidental Insurance
Utility Bill Payment through SMS/ATMs/Internet and/or Contact Centre
ATM Intra-Bank Fund Transfer
Lockers
Eligibility
The customer ID of the primary account holder will be the family ID. The
Primary account holder CANNOT be a minor. Minimum 2 and maximum 5
members can be grouped under a single Family Savings Account
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Minimum investment of Rs 100,000/- with a maximum limit of up to Rs
50,000,000
Access to a range of value added facilities
Free Facilities:
Visa Debit Card
Internet Banking
The young bee account is a magical world of saving with many adventures
waiting for you! We are here to make your life adventurous and fun! Now
you can save money to dine and shop with your friends by using your Young
Bee Debit Card.
It is simple to become a part of our hive. Visit any branch of Summit Bank
and ask the Bank Officer to give you a Young Bee Account opening form. Fill
out the form completely and hand it over to the Bank Officer. You are now
ready to enter the magical world!
Welcome Gift
When you open your Young Bee Account, you will be presented with a
Welcome Pack. The Welcome Pack comes with your Young Bee Debit Card,
Young Bee User Guide and a Stationary Pouch.
Saving is Exciting
Saving is fun and it makes us responsible. Saving money not only teaches us
how to spend wisely but it also has its adventures. Saving money allows us
to buy bigger things we normally can’t afford to buy, like a video game, a
bicycle or even dining at McDonalds.
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Young Bee Debit Card
The Young Bee Debit Card is just like cash but much more convenient. It is
quick, safe and works everywhere. You can charge your Card anywhere you
wish. Shop with your Debit Card instead of Cash, feel safe and enjoy Young
Bee adventures.
Fun at McDonalds
Now there will be more fun at McDonalds with your Young Bee Debit Card.
Shop with your card and earn McDonalds Meal Points. Use your points at
McDonalds and enjoy amazing deals.
Apart from Meal Points, you will have special DEALS at McDonalds for
Young Bee Debit Card Holders.
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4. Call Deposit Receipt
Summit Bank’s Rupee Traveller Cheques enable you to travel with complete
peace of mind!
Summit Bank’s Rupee Traveller Cheques provide a safe and secure solution
that acts as an alternative to the carrying of cash for travel and everyday
use. These Cheques are currently available in the Rs. 10,000 denomination
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and can be issued to individual PKR account holders of Summit Bank. You can
encash your Traveller Cheques through any Summit Bank branch across
Pakistan.
Running Finance, Short Term & Long Term Finance, Financing against
Imported Merchandise (FIM), Cash finance and Export Re-finance.
Pre and Post Shipment Export Financing (PKR and USD based)
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All other services with respect to the requirement of business of
borrower are provided here.
Bonds
o Structured Finance
o Leveraged Buyouts
o Privatization
o Mergers
o Corporate Restructuring
o Syndicated Loans
o Project Finance
o Private Equity
o Equity De-Listing
o Acquisitions
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6.1 FI and Cash Management
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Cash Management
Cash management is the Department where we not only provide the total
reconciliation of the customer’s transaction but also provide the support in
any level required to maintain or increase the liquidity in our Bank. Cash
management is the process of Pay–In and Pay–Out from the account.
Our Commercial & SME Division targets Medium Sized Companies with a
turnover of at least PKR 25 – 50 million. We have a centralized set up and
have the ability and the resources to meet the needs of your business with
our pro-active, responsive and experienced Relationship Managers who are
committed to understanding your business. If you have a small or medium-
sized business, SMBL can assist you with the right mix of banking services
that will help you manage and grow your business. Our experts will
facilitate you in the varied financial situations that you come across.
Procurement of Inventory
Receivables financing
Procurement of Machinery
BMR
Import / Exports
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Guarantees
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6.3 Trade Finance
Trade Finance being the prime focus of our Management, we offer wide
variety of Funded and Non-Funded Trade related facilities such as:
4- Local Trade: Inland Letter of Credits, Back to Back Letter of Credits, Local
Bill Discounting etc.
Summit Bank has a strategic presence in virtually all major cities of Pakistan,
for instance, Karachi, Lahore, Faisalabad, Sialkot, Islamabad, Rawalpindi,
Peshawar, Hyderabad.
The blend of Summit Bank’s specially designed Trade products with a team of
trade staff having ample experience & expertise in their specialized areas of
trade finance, add great value to the customers’ interest in terms of
improved trade cycles, enhanced management of cash flow and greater
flexibility.
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7 Consumer Banking
Buying your first home is a major milestone in your life and one of the
biggest financial decisions you will ever make. Helpful information combined
with the right advice can make a world of difference and assist you in making
the ultimate decision. Get your own shelter and deal comfortable with your
house hold chores.
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makes it the right choice for you. At Summit Bank, we believe in simplicity &
convenience.
Summit Bank Home Finance can be sought to fulfill any of the following
needs:
Home Renovation
Minimum: Rs.300,000/-
Loan Amount
Maximum: Rs.50,000,000/-
Minimum Collateral
Rs.1,000,000/-
Value
Minimum: 03 years
Maximum: 20 years
lease
Salaried – (K+4)
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(as per lawyer’s advise)
Summit Bank takes pride in announcing the launch of another unique and
valuable addition to the privileges and benefits it offers – an innovative,
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convenient and secure way to meet your personal and family financial needs
through Personal Finance.
Minimum: Rs.25,000/-Maximum:
Loan Amount
Rs.1,000,000/-
Minimum: 1 yearMaximum: 5
Loan Tenor
years
Type of Loan Term Loan
Type of Facility Un-Secured
Type of Markup Fixed During Loan Term
Premature Payment
Available
Facility
Loan Enhancement Available (History / Income
Facility Based)
Loan Top-up Facility Available
7.3 Bancassurance
Our clients can choose from the following products, which the insurance
companies are offering:
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7.3.1 MetLife Alico
o Goals
Family Protection Rider (FPR): It would pay all due basic premiums,
from the date of permanent and total disability of the insured to the
end of the FPR term.
*The riders may terminate before policy maturity date depending upon
the
term available
o Suhana Kal
o Sunehra Aghaz
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Waiver of Premium: If the Life Insured suffers an illness or disability and
is not able to follow his/her own occupation or any other occupation
suited by knowledge, training or education for at least six months ,then
the premium from the next premium due date will be paid until
recovery.
*The riders may terminate before policy maturity date depending upon
the
term available
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8. Electronic Banking
Summit Bank is one of the leading banks in Pakistan in terms of electronic
banking. We offer our customers a diverse range of electronic services and
convenient banking options through various channels, such as ATMs, mobile
phones and Internet.
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8.1 Mobile Banking
Transaction Alerts
Now wherever you go, your bank goes with you. Summit Bank gives you the
following transaction alerts on your mobile:
You can also check your transactions and account balance. Customers who
are already subscribed for SMS alerts are automatically eligible for this
service.
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8.2 Internet Banking
Summit Bank offers a secure, fast and convenient Internet Banking channel
with a range of services. It will change the way you bank today.
Internet Banking ensures that you have convenient access to your account
and banking services, no matter where you are.
Bill Payments
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Register and Track Complaints
Dial 0800-24365 or
An interactive voice response (IVR) system allows you to bank directly and
independently, without the need of speaking to our Phone Banking Officers.
You can avail the following services through the Contact Center:
Balance Inquiry
Complaint Registration
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Statement Requests
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8.4 UPayments
With the Ufone connection and Summit Bank account, you can avail
convenience like no other
Summit Bank & Ufone brings you the convenience of banking now on your
mobile phone. Activate Upayments on your mobile phone and access your
Summit’s bank account anytime you want.
Balance Enquiry
Transfer money
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8.5 Mobile Balance Recharge
How to Use
mr mk 100
Ufone & Warid Customers, click here to view the SMS Guide
Customers who are already subscribed for SMS alerts are automatically
eligible for this service.
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Zong zg 100, 300, 500, 1000
Telenor tr 100, 250, 500, 1000
Vfone ve 100, 300, 1000
PTCL pl 100, 250, 500, 1000
Wateen wn 50, 100, 250, 500, 1000,
1500, 2000
To pay a bill through SMS follow the simple steps given below:
Summit Bank Bill Payments is an electronic bill payment service for your
convenience. So you can pay your utility bills in a smart and hassle-free
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manner! You can pay your bills over SMS, Internet Banking, at any Summit
Bank ATM, or by calling our Contact Center at 0800-24365.
SMS
e.g.
e.g.
* To pay KESC bills, write the account number instead of the consumer
number
The following companies**, listed with their short codes, are available for Bill
Payments:
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S.NO Merchant Name Category
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Internet Banking
ATM
Pay utility bills with your ATM/VISA Debit Card at any Summit Bank ATM. 24
hours a day, 7 days a week, year round.
Contact Center
Call 0800-24365 to pay your bills round the clock.
Summit Bank IBFT enables you to send and receive funds on a real-time
basis to and from any account holder of 1-Link IBFT participating member
banks.
Key Benefits
Convenience
Instant transfer
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Eliminates use of cash & cheques
Bank of Punjab
Burj Bank
JS Bank
Silk Bank
Sind Bank
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You can transfer funds instantly from your nearest branch, ATM or through
Internet Banking
In the “From Account” option, select your account type for transfer of
funds
Log in at www.summitbank.com.pk
Select the account you want to transfer funds from, and enter the
amount
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For Other Account, enter the Account Number and click Fetch Title.
Verify account details and click Submit to complete transfer
For Beneficiary List Account, select a beneficiary from the list and click
Submit to complete transfer
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8.8 eStatement
Statement Periods:
Daily
Weekly
Fortnightly
Monthly
Quarterly
Half-yearly*
Yearly*
*Default periods
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8.9 Visa Debit Card
Summit Visa Debit Card welcomes you to a world of privilege and pleasure.
Be it shopping, dining or travelling, Summit Visa Debit Card lets you do it all,
with ease and panache. With the accessibility one aspires for and the
convenience one desires, Summit Visa Debit Card redefines purchasing
pleasure.
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Visa Debit Card. Offering you the highest value for the lowest prices, this
Card empowers you with world class purchasing convenience.
Benefits
Worldwide acceptability
Flexibility of usage
Insurance
24 Hr emergency helpline
Competitive rates
E –Alerts
For details, visit your nearest Summit bank branch, and feel the spending
power in your hands.
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8.9.2 Visa Debit Card – Gold
Summit Visa Debit Gold Card grants you access to a vast bundle of Gold
privileges and benefits. As our preferred customer, you get a superior level of
service along with an ease to purchase all that you like, effortlessly and
conveniently. Exciting domestic deals and enticing international packages
guarantee you the highest level of purchasing pleasure.
Summit Bank now introduces the Cash Back Card! With SMBL Visa Debit Gold
Card, you are rewarded every time you shop. When you make a purchase,
you get a 5 % cash back* if your shopping ranges between Rs.3,000 to
Rs.10,000 every month. This Card not only offers you ultimate in purchasing
convenience but also rewards you for it. No matter what you buy and with no
inhibiting terms & conditions, SMBL Visa Debit Card is not just an ordinary
payment tool but a truly rewarding experience. To avail your share of this
experience, please dial 0800-24365 or visit Summit Bank Branch closest to
you.
5% CASH BACK* applicable wherever you shop (Only valid for Current
Account Holders)
The cash back amount will be credited to your account at the start of
the following month (if criteria met)
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Cash Back Benefits
No hidden conditions
Added Benefits
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8.9.3 Merchant Discounts
Now dine at your favorite restaurants and shops at the most happening
places with amazing discounts “The more you spend, the more you save”.
You can avail these discounts in six major cities of Pakistan in the following
categories:
These offers are only available with Summit Bank Visa Debit Card.
Summit Bank reserves the right to change the Terms and Conditions at
any time without assigning any reason thereof.
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8.9.4 Free CIP Lounge Access
Summit Bank’s VISA Gold Card customers now enjoy privileged access to the
CIP Lounge when they travel abroad. Enjoy FREE access to the CIP Lounge
Facility for yourself and one guest at the Karachi, Lahore & Islamabad
airports during your international trips with:
Information desk
Just show your Summit Bank Debit Card and enjoy these wide array of
services.
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8.10 Dolmen Loyalty Debit Card
Summit Bank proudly announces the launch of its new product in Karachi
City!
Pakistan’s very first unique co-branded debit card; “Dolmen Loyalty Debit
Card”
Summit Bank & Dolmen Group together brings you a World Class Shopping
experience.This card welcomes you at Dolmen Mall with fascinating
discounts while you shop at your favorite outlet of apparel, footwear,
fragrances, home accessories or dine-in at your choice of restaurant or at
food court.
Benefits Envisage
Reward Points: For every Rs. 50 you spend, you can earn one (1)
reward point which is redeemable at all selected merchants.
Visit Summit Bank’s Sales & Service Center at Dolmen Mall Clifton,
Hyderi & Tariq road
Fill up & submit the account opening form at any of our branch.
Call our Call Center anytime at 0800-24365 and get all the details.
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Make purchase from selected merchants and present your card to the
cashier at the check-out counter.
Cashier will swipe your card on the POS terminal and enter the payable
amount after discount.
Carefully check the amount on receipts before signing the receipt and
return it to the cashier.
Please ensure that you take your card and receipts before leave the
counter.
Please note this card cannot be used on any ATM machine or any other
place(s) except at authorized merchants of Dolmen Mall Karachi.
Points Redemption
The merchant will swipe your card and enter the point redemption
amount in the POS Machine.
Carefully check the amount on receipts before signing the receipt and
return it to the cashier.
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8.11 NIT Co-Branded ATM Card
1. NIT Unit Holder may visit NIT office to sign ATM request form.
2. After internal approval and documentation, NIT will forward the request
to the Summit Bank team for ATM card personalization and subsequent
dispatch to the customer.
3. After receiving the ATM card, the customer will call Summit Bank’s
Contact Center at 0800- 24365 using the customer’s registered
number, provided at the time of card request.
4. The Contact Center agent will guide the customer regarding PIN
generation after customer verification has been performed.
5. After successful ATM PIN generation, the ATM card will be activated.
1. The limit of daily cash withdrawal through ATM Card is Rs. 25,000/- per
day or 50% of the value of its electronic holding, whichever is less.
2. The ATM based transactions will follow the same rules as paper-based
redemption for applicability of repurchase price, cutoff timing*,
deductions, etc.
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Transaction Fee for Cash Withdrawal
3. Transaction fee has been waived off for the first 6 months. However
after that
it will be deducted from the Unit Holder’s account by redemption of the
equivalent value of units.
Balance Enquiry
1. The unit holder will have the facility of checking the value of his/her
unit balance
using Summit Bank ATMs.
ATM Services
The customer can also perform following transactions on Summit Bank ATM
network:
Transaction Alerts
SMS alerts will be sent for every transaction to the customer’s registered
mobile number
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8.12 NAFA Co-branded ATM Card
Summit Bank has joined hands with yet another renowned funds
management company of Pakistan – NAFA. With this arrangement, NAFA
customers will be facilitated with an exclusive co-branded ATM card,
specifically designed to cater to the needs of NAFA unit holders.
This unique card allows NAFA customers to instantly redeem their units in
the form of cash round the clock through Summit Bank’s wide spread ATM
network as well as via any 1-Link ATM anywhere in Pakistan.
• Cash Withdrawal facility (Daily cash withdrawal limit: Rs. 25,000/- or 50%
of the value of NAFA units, whichever is less);
• Balance Inquiry;
• Mini Statement;
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8.13 G2P Projects
Poverty is one of the biggest challenges face by our country as 60% of the
total population living below the poverty line (World Bank, 2002). In an effort
to accelerate the poverty reduction, the Government of Pakistan launched
the Benazir Income Support Program (BISP) with the support of World Bank
and other donors as a flagship government safety net initiative in 2008
across Pakistan.
To find more details about Benazir Income Support Program and to search for
beneficiary details. kindly visit www.BISP.gov.pk
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9. Remittance
Summit Bank has designed and developed its own electronic interface by the
name of ‘Amanat Cash’ to facilitate various exchange companies and banks
to send home remittance to Pakistan on real time basis. This has made
possible, for all Pakistanis, to receive remittances by their loved ones for
FREE, in a fast and fully secured manner. The service we offer is readily
available to every one regardless of having account in Summit Bank.
Free
Quick Processing
Real Time
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8.1 Our Alliances
To facilitate expatriates, Summit Bank has created alliances with the finest
exchange companies in Dubai, Middle East, UK and USA making it convenient
to send money to your loved ones in Pakistan.
We offer quick and convenient delivery of cash over the Counter services in
association with Western Union. No matter where you are around the globe,
if there is Western Union around, you can transfer funds to your loved ones,
in no time. This payment can easily be picked up in a matter of moments at
dedicated Western Union counters in our branches. No account at Summit
Bank is required for this service.
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8.3 Amanat Cash
Summit Bank is pleased to introduce Amanat Remittance services, namely
AMANAT CASH www.amanatcash.com
Summit Bank Ltd has the ability to transfer funds into beneficiary’s account
instantly through IBFT and RTGS enabled Banks (which covers over 90% of
account holders in Pakistan). Funds will be directly credited to beneficiary
accounts in Fast, Free & Secure manner.
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8.4 Xpress Money
Xpress Money is simply the fastest way you can receive money from
anywhere. We take pride in ensuring that it reaches the beneficiary safely
and in a matter of minutes.
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10. Saturday Banking Branches
Summit Bank Limited also offer the services to our customer on the Saturday
24/7 BANKING BRANCHES
10:00AM TO 11:00PM BRANCHES
10:00AM TO 3:00PM BRANCHES
Selected Branches are open on Saturday according to above mention timing.
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