The decision comes after the hike in policy rate
The State Bank of Pakistan has announced an increase in the minimum interest rate on the saving or PLS accounts in view of the recent hike in the policy rate.
The SBP on Friday increased interest rate by 150 basis points to 8.75% in an attempt to control rising inflation.
Accordingly, the central bank has asked commercial banks to increase the interest rate as a result of a rise in the policy rate.
“As per SBP regulations for bank customers, the profit rate on your savings account should rise by 1.5% to a minimum profit rate of 7.25% by December 1, 2021 at the latest,” the SBP tweeted.
The SBP also asked customers to contact its complaint centre if their bank is giving lower profits on saving accounts.
Starting 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.
In September, the State Bank of Pakistan decided to issue “Customers’ Digital On-boarding Framework” for Resident Pakistanis who want to open bank accounts digitally.
“These moves are specifically designed to promote digitization in the country and these steps are expected to result in increased convenience for customers to fulfill their financial needs through safe, rapid and secure digital infrastructure in Pakistan,” the SBP said.
At that time, the SBP stated in its notification that banks should implement this framework at the earliest but not later than December 31, 2021.
“In this regard, banks are advised to submit their tangible plans along with concrete timelines for the implementation of this framework within 30 working days from the issuance date of this circular,” the SBP notification said.