Pakistan Largest Bank Waive Off Monthly Charges for Rich Local and Foreign Depositors
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Karachi November 28 2024: Habib Bank Limited, the largest bank of Pakistan by deposit size, has withdrawn monthly charges on high end domestic and foreign currency deposits, according the new circular.
Earlier, Meezan Bank Limited (MBL) and Bank Alfalah have withdrawn their recently announced charges on high-value deposits following separate notices issued to their customers.
“This refers to our earlier issued Circular No. P/INST/2024/60 dated 31.05.2024 regarding the Schedule of Bank Charges (SOBC) for July to December 2024, which was later amended through Circular No. P/INST/2024/146 dated 16.11.2024, introducing a monthly fee based on the month’s last-day balance” states Habib Bank Limited new issued circular.
“Please note that the bank has decided to remove the subject fee, effective immediately, and Circular No. P/INST/2024/146 will stand to be withdrawn” the notification added.
On 16th November 2024, HBL imposed monthly charges of 6 percent on domestic deposits above PKR 5 Billion and 3 percent on foreign currency deposits having same threshold to improve to avoid FBR penalty due to lower Advances to deposit ratios.
Reference Link:- https://augaf.com/pakistan-largest-bank-waive/
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
