KARACHI: The minimum rate of return on saving accounts has increased to 7.25 percent with the rise in the key policy rate by 150 basis points to 8.75 percent.

The State Bank of Pakistan (SBP) in a Tweet said, as a result of the SBP policy rate increase announced on Friday, November 19, 2021, and as per its regulation for the bank customers, the profit rate on savings account should rise 1.5 percent to a minimum profit rate of 7.25 percent by December 1, 2021, at the latest.

The central bank urged the bank account holders that in case the banks offer lesser profit on the savings account, then lodge a complaint with the relevant bank.

In case the bank failed to resolve the issue then the account holders should contact the SBP complaint help desk.

The SBP also said starting January 2022, it has made it mandatory for the banks to provide the option to open bank accounts digitally with remote biometric and without the need for a customer to visit a bank branch.