KARACHI: The State Bank of Pakistan (SBP) on Friday directed commercial banks to pay minimum profit rate of 6.0% per annum on all rupee saving deposits on average monthly balances with effect from April 01, 2013.
In a statement the central bank said that this rate of profit will be applicable on all existing and new saving deposits including term deposits.
“This step of SBP is likely to promote savings and increase the financial market depth and intermediation,” it added.
Any violation of the above instruction will render the bank liable for punitive action under the relevant provisions of the Banking Companies Ordinance 1962, it said.
