Saving accounts profit rates to surge by 1.5pc: SBP


KARACHI: A couple of days after a 150bps hike in the policy rate, the State Bank of Pakistan (SBP) has raised the minimum profit rate on bank customers’ saving accounts by 1.5 percent. In a series of tweets on Monday, the central bank said that the profit rate on bank customers’ saving accounts as per its regulation will rise by 1.5 percent to a minimum profit rate of 7.25 percent by December 01, 2021. The central bank said, “If your bank gives you less profit on your savings account, please file a complaint with your bank and if not resolved please contact SBP customer complaints.” Starting January 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. TLTP