SBP Suspends Service Charges for Banks on Deposit

State Bank of Pakistan (SBP) has suspended service charges for banks for the deposit of re-issuable balances in order to facilitate banks in managing the excess liquidity.

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

Accordingly, banks can deposit re-issuable balances with SBP BSC offices or NBP chests without levy of 0.12% service charges on deposit of re-issuable balances till June 30, 2021.

The central bank has taken various measures to combat the impact of COVID-19 on the economy. A set of measures was not only taken to facilitate customers but some measures were taken to speed up the performance of banks in the prevailing scenario.

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