Karachi: The State Bank of Pakistan (SBP) on Monday hiked the profit rate on savings accounts by 1.5% to 7.25% – effective from December 1, 2021, news sources reported. The change in the profit rate followed the hike in the policy rate by the central bank by 150 basis points to 8.75% announced on Friday (November 19).
As per the report, the central bank has asked customers to visit their respective bank branch of choice to open a savings account. It also mentioned that as of January 2022, all banks will be able to open saving accounts remotely without the customer needing to visit the branch with remote biometric authentication. The apex bank also asked customers to lodge their complaints regarding low-profit rates offered by the banks. Similarly, the central bank has also said that the government is managing the inflation rate between 5% to 7% in the current fiscal year of 2021-22. The central bank has raised the interest rate by 150 basis points to manage the growing current account deficit (CAD) and inflation rate.
In another development, the central bank has issued revised the corporate governance regulatory framework (CGRF) which means strengthening the regulatory for banks and Development finance institutions (DFIs) to meet international standards. The bank said the regulation is aimed to improve the banking experience for the citizens and make it more transparent.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
