IBFT FAQs

What’s new in the services of Online Transfer of Redemption Proceeds?

Previously, Online Transfer facility was available for the following 4 banks:

  • United Bank Limited
  • Bank AL-Falah Limited
  • Standard Chartered Bank
  • Meezan Bank Limited (selected Shariah Compliant Funds only)

Now, our customers can receive their redemption proceeds directly into any of the following 26 Banks:

  • Allied Bank Limited
  • Askari Bank Limited
  • Bank Al-Habib Limited
  • Bank Al-Alfalah Limited
  • Bank Islami
  • Bank of Punjab
  • Burj Bank
  • Citi Bank
  • Dubai Islamic Bank
  • Faysal Bank Limited
  • Habib Bank Limited
  • JS Bank Limited
  • KASB Bank Limited
  • NIB Bank Limited
  • Silk Bank Limited
  • Soneri Bank Limited
  • Standard Chartered Bank
  • Summit Bank Limited
  • Tameer Microfinance Bank
  • United Bank Limited
  • Meezan Bank Limited (selected Shariah Compliant Funds only)
  • APNA Microfinance Bank
  • Habib Metro Bank
  • Bank Al Baraka
  • Sindh Bank
  • SAMBA Bank

Is this facility free of charge?

This facility is free.

Which transaction channels can be used for this facility?

Currently, this facility is available via UBL Funds Online (www.UBLFunds.com/online) & physical form. This facility will shortly be available on UBL Funds TeleTransact services as well.

How can I avoid Online Transfers charges, if I am not maintaining my redemption account with UBL, BAFL, SCB or Meezan Bank?

  • You can request to issue a Cheque or Pay Order for redemption payments, and / or
  • You can open an account with any nearest branch of United Bank Limited, where you can receive your redemption amount free of charges

Is there any specific format of Account Number for Online Transfers and from where can I confirm correct format of my account number?

Yes, every bank has its own format. It is important to know the correct and valid format of your account number for online transfer. Most of the banks are using a combination of Branch Codes and Account Number. You can confirm correct format of your account number with your concerned bank / branch.

How can I make sure that the account number I provided is correct?

  • You can specifically ask/confirm with your bank/branch for valid account numbers enabled for Inter Bank Fund Transfer (IBFT)
  • You can provide your account number, which you usually use for Net Banking Transactions (if you’re availing the Net Banking facility from any of the aforementioned banks).

What if I provide incorrect account information to UBL Funds for redemption payment(s)?

UBL Funds will verify the provided account number. In case your account is unverified, we will issue your redemption payments through Cheque or Pay Order and dispatch them to your registered address as available in our records.

Note: In case you want to confirm your correct and updated account number with correct format, please visit the website of your respective bank.

What should I do in case I do not receive the amount in my account?

As a first step, please check your account balance online or call your respective bank/branch for balance/transaction confirmation. If your account is not credited with the transfer amount in the stipulated time frame, please immediately inform us at our toll-free Customer Care No. 0800-00026 regarding the issue and we will provide the requisite assistance.

What if my amount is erroneously transferred to an incorrect account?

We strongly advise you to check your account details before providing it for redemption payments. If in case your redemption amount is transferred to an incorrect account, please inform our toll-free Customer Care No. 0800-00026. We will in turn contact the concerned bank for necessary reversals and rectification.

How much time it may take for settlement of my claim of incorrect transfer?

Depending on your redemption amount and credit bank, upto 7 working days are required to settle/reverse incorrect transfers.

What is the process for discrepancy reporting?

You only need to call our toll-free Customer Care No. 0800-00026.

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