The State Bank of Pakistan (SBP) has declared that 98% of the money kept in bank accounts across the country is safe.
The SBP released its annual report on Thursday, which states that out of the total 70.30 million scheduled bank accounts in the country, as many as 70.15 accounts - or 98% - fall under the protection of the Deposit Protection Corporation (DPC).
The DPC was established in 2018 to protect depositors' money in case of a bank failure.
All banks in Pakistan are members of the DPC, and deposits up to Rs500,000 are protected in case of a bank failure.
The SBP's annual report is aimed at providing information to depositors on the protection of their deposits in banks.
The report states that since the formation of the DPC, all banks have been compliant with its requirements.
The SBP has also advised depositors to choose banks that are well-capitalized and managed.
Depositors should also read the terms and conditions of their deposits carefully before making a deposit.
