Minimum rate of return to be applicable to saving products except term deposits

Karachi, May 27, 2014 (PPI-OT): The State Bank of Pakistan has issued instructions to all commercial banks that effective from June 1, 2014, Minimum Rate of Return, on average monthly balances, shall be applicable on all new and existing Savings products (including any other profit bearing deposits with no fixed maturity) except term deposits.

The expected rate of profit on term deposits is now governed as per agreement between the bank and the depositor at the time of placement of the deposits.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

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