SBP Releases Service Charges for Banks on Deposit

State Bank of Pakistan (SBP) has released banks’ service charges to deposit re-issuable balances to promote banks’ ability to handle the excess liquidity.

Following large volumes of withdrawals on Eid’s eve and the COVID-19 pandemic, it decided to extend the temporary suspension of 0.12% service charges on the deposit of re-issuable balances with SBP BSC offices or branches of NBP chests.

Hence, banks will deposit re-issuable balances with SBP BSC offices or NBP chests on deposit of re-issuable balances until June 30, 2021 without charge of 0.12 percent service charges.

The central bank has taken various steps to combat the economic effect of COVID-19. In the prevailing scenario, a collection of measures were taken not only to encourage customers, but some measures were taken to speed up bank results.

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