SBP exempts certain deposits from minimum profit rate requirement

MG News | November 26, 2024 at 10:51 AM GMT+05:00

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November 26, 2024 (MLN): The State Bank of Pakistan (SBP) has notified today that the Minimum Profit Rate requirement shall not be applicable to the deposits of financial institutions, public sector enterprises and public limited companies.

In September 2013, the central bank modified the payment of the minimum rate of return on deposits raised by banks.

As per this modification, the minimum profit rate to be paid on all Pak Rupee savings deposits was set at 50 basis points below the prevailing SBP Repo Rate (Interest Rate Corridor - Floor).

Moreover, the change in the Minimum Profit Rate, following any change in the SBP Repo Rate, was authorized to be applicable with effect from the 1st day of the subsequent month.

In the latest modification, SBP has exempted financial institutions, public sector enterprises and public limited companies from the imposition of this profit rate.

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