Interest rate for bank consumers on saving accounts hiked: SBP

KARACHI: State Bank of Pakistan (SBP) Monday announced that bank consumers would be receiving at least a 7.25 percent interest rate on their saving account from December 01 following a hike in the policy rate to 8.75 percent recently, ARY NEWS reported.

Sharing the details of the policy rate for bank consumers from its Twitter handle, the central bank said that after an increase in the policy rate and as per the SBP regulation for bank customers, the profit rate on savings account should rise by 1.5 percent to a minimum profit rate of 7.25 percent by December 01 at 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.

The central bank further shared that Starting from January 2022, the 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.

3/3 Starting Jan 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. See https://t.co/IrRP6hiTyR

— SBP (@StateBank_Pak) November 22, 2021