Rates on saving accounts to increase by 1.5%: SBP

By MG News | November 22, 2021 at 04:32 PM GMT+05:00

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November 22, 2021 (MLN): After the policy rate hike of 150bps to 8.75% by the State Bank of Pakistan (SBP), the profit rate on bank customers’ saving account as per central bank regulation, will rise by 1.5% to a minimum profit rate of 7.25% by Dec 01, 2021, at the latest, SBP informed today.

While taking to its Twitter handle, the central bank said, “If your bank gives you lesser profit on your savings account, please file a complaint with your bank and if not resolved please contact SBP customer complaints.”

Starting Jan 2022, SBP has made it mandatory for banks to provide the option to open bank accounts digitally with remote biometric and without the need for a customer to visit a bank branch.

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