Profit rate hiked on saving accounts: SBP

KARACHI: The bank customers would be receiving at least a 7.25 percent interest rate on their saving account from December 01, which is followed by a hike in the policy rate to 8.75 percent, stated State Bank of Pakistan (SBP).

In a series of tweets SBP shared the details of the policy rate for bank consumers, The central bank claimed that when an upsurge in the policy fee and according to the SBP law for bank customers, the profit rate on financial savings account need to rise with the aid of using 1. 5 percentage to a minimal earnings fee of 7.25 percentage by December 01 on the latest.

1/3 As a result of the SBP policy rate increase announced on Friday (https://t.co/OrSpAlEEBc) and as per SBP regulation for bank customers, the profit rate on your savings account should rise by 1.5% to a minimum profit rate of 7.25% by 1 Dec 2021 at the latest.

— SBP (@StateBank_Pak) November 22, 2021

” If your bank gives you lesser profit on your savings account, please file a complaint with your bank,” it said while asking consumers to visit the bank of their choice for opening the savings account.

According to the SBP by the start of January 2022, the bank has made it obligatory for banks to deliver the option to open bank accounts digitally with remote biometric and minus the requirement for a customer to visit a bank branch.