State Bank of Pakistan increases profit rates on saving accounts

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State Bank of Pakistan increases profit rates on saving accounts

The profit rate on savings accounts has increased by 1.5 percent to a minimum profit rate of 7.25 percent due to the increase in the policy rate, tweeted the State Bank of Pakistan on Monday.

The new profit rate will be applicable from 1 December 2021 at the latest, stated the central bank.

SBP further guided the citizens to file a complaint to their banks if their profit rate was lesser than 7.25 percent on their savings account. If the bank fails to resolve the issue, the citizens can file a complaint at SBP Customer Complaint.

The State Bank of Pakistan has also made it mandatory for banks to allow the opening of bank accounts digitally and through mobile phones. This will make it possible for people to open a bank account with a remote biometric system.