The profit rate on savings accounts has increased by 1.5 percent to aminimum 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 theirprofit rate was lesser than 7.25 percent on their savings account. If thebank fails to resolve the issue, the citizens can file a complaint at SBPCustomer Complaint.
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The State Bank of Pakistan has also made it mandatory for banks to allowthe opening of bank accounts digitally and through mobile phones. This willmake it possible for people to open a bank account with a remote biometricsystem.
