Fixed Deposit Rates in Pakistan, November 2026: Alfalah, JS Bank, Allied, Soneri and Meezan Compared (Bank List)

In November 2026 the best 1 year fixed deposit we found at a bank is Bank Alfalah's digital Alfa Term Deposit at 11.60% at maturity, followed by JS Bank at 11.32% and Soneri's Salana Amdani at 11.00%. Allied Bank's Behtar Munafa pays 10.50%. National Savings Short Term Savings Certificates pay 11.72% for 1 year, more than most banks.

We read each bank's own rate sheet on 4 November 2026, after the policy rate rose to 12% on 27 October. Alfalah, JS Bank and Allied Bank have published November sheets. Soneri's latest sheet is dated September, and Meezan's figures are its declared rates for October. Rates are yearly, before tax and Zakat. Fixed deposit, term deposit and TDR mean the same thing here: money locked for a set period at a set rate.

Alfalah's Alfa digital deposit pays the most at 11.60%

Bank Alfalah's Alfa Term Deposit, booked only in the Alfa app, pays 11.60% at maturity for 1 year, or 11.05% with monthly profit. JS Bank pays 11.32% at maturity on Rs 100,000 to Rs 4.99 million. Both rates took effect in early November 2026.

Meezan's certificate is Islamic, so its rate is a profit share declared after each month, not a fixed promise. The others are conventional rates fixed at booking.

Short deposits pay 9% to 10.80% in November

Shorter terms pay less than 1 year at most banks. For 6 months, Alfa digital pays 10.80% and JS Bank 10.43% at maturity. For 1 month, rates run from 8.95% at JS Bank to 10.45% on Alfa digital.

Long deposits pay less than 1 year at every bank

Banks are paying less for 3 and 5 year deposits than for 1 year. JS Bank pays 10.42% for 3 years and 10.56% for 5 years. Allied Behtar Munafa pays 9.00% and 9.25%. Bank Alfalah's Mahana Amdan is the flattest, at 10.85% for 3 years and 10.95% for 5 years with monthly profit.

Lower long rates tell you banks expect rates to fall over the coming years. Locking in for 5 years only helps if they do fall. If rates rise again, your money stays stuck at the old rate. So 1 year or less is the safer choice for most savers right now.

National Savings beats most banks on 1 year and longer

National Savings Short Term Savings Certificates pay 11.72% for 1 year, the Regular Income Certificate pays 12.12% with monthly profit, and Special Savings Certificates pay 12.00% rising to 12.80%. These rates have applied since 21 October 2026. National Savings is a government department, so the risk is the state's rather than a bank's.

National Savings has not changed these rates since the 27 October policy rate rise. See our full National Savings rate list and how to buy Short Term Savings Certificates.

How to pick a fixed deposit in November 2026

Start with what you need: monthly income, or the most money at the end. Then compare like with like. Follow these steps:

1. Decide the term. Keep to 1 year or less unless you want a fixed rate for longer.
2. Compare the rate at maturity if you do not need monthly income. It is always higher.
3. Check the minimum. Alfalah Mahana Amdan needs Rs 100,000 and Soneri term deposits Rs 25,000.
4. Check the early exit rule. Soneri cuts the rate by 1.50 points if you break a deposit early.
5. Compare with a savings account. Under SBP's minimum rule, conventional banks now pay at least 10.50% on ordinary savings, and you can withdraw any time.

That last point matters. With savings at 10.50%, a 1 year deposit at 10.50% gives you nothing extra for locking your money. See the November savings rate rise for the bank list, and what happens when you break a fixed deposit early.

Common questions

Which bank gives the highest fixed deposit rate in Pakistan in November 2026?

Of the sheets we read, Bank Alfalah's app-only Alfa Term Deposit pays the most, 11.60% at maturity for 1 year. JS Bank pays 11.32%.

Is National Savings better than a bank fixed deposit?

On rate, often yes. Short Term Savings Certificates pay 11.72% for 1 year and the Regular Income Certificate 12.12%, above most bank 1 year deposits.

How much profit does Rs 1 lakh earn in a 1 year fixed deposit?

At 11.32%, Rs 100,000 earns Rs 11,320 before tax after a year. At 10.50%, it earns Rs 10,500. This is our arithmetic.

Why do 5 year deposits pay less than 1 year?

Banks expect rates to fall over time, so they pay less to lock money for longer. JS Bank pays 11.32% for 1 year but 10.56% for 5 years.

Did fixed deposit rates rise after the 12% policy rate?

Savings rates rose to at least 10.50% from 1 November. Allied Bank's term deposit rates stayed the same as October. JS and Alfalah published new November term rates.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read on 4 November 2026: Bank Alfalah's deposit rate sheet of 3 November 2026, JS Bank's rupee rack rates from 1 November 2026, Allied Bank's projected rates for November 2026, Soneri Bank's rupee rate sheet, Meezan Bank's profit rate sheet updated 2 November 2026, and the National Savings rate notice on savings.gov.pk. UBL had not published a November sheet at its usual address when we checked. Bank Alfalah's standard branch term deposit table did not line up clearly in the PDF, so we quote only its Alfa digital and Mahana Amdan rates. Our October comparison is here.