SBP stops banks from levying service charges

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SBP stops banks from levying service charges

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Services provided by banks for the opening and maintenance accounts will be free: central bank.

27 May,2011 08:33 pm

According to a circular issued by the State Bank of Pakistan (SBP), the services provided by banks for the opening and maintenance of savings accounts will be free of charge and banks will take no charges at the time of account closing.The banks will not demand more than Rs 100 for opening savings accounts. However, no initial deposit would be required for opening of accounts by eligible for zakat, students, employees of government or semi-government institutions for salary and pension purposes including widows/ children of deceased employees eligible for family pension/ benevolent fund grant, etc.