Karachi November 18 2024: Habib Bank Limited, the largest bank of Pakistan, to charge 6% fee on month end balance as a monthly fee on accounts maintaining PKR 5 billion or above in deposits.
“All checking accounts maintaining a balance of PKR 5 billion or above on the last day of the month shall be charged a 6% fee on their month-end balance as a Monthly fee on month’s last day balance (LCY)” states new regulation issued by the Bank.
HBL has deposit base of PKR 4.8 trillion.
Monthly fee on month’s last day balance (FCY) is imposed on all checking accounts maintaining a balance of PKR 5 billion or above (equivalent in FCY) on the last day of the month shall be charged a 3% fee on their month-end balance.
The following addition has been made which will be effective from December 20, 2024.
Earlier, Bank Alfalah slapped monthly penalty of 5% on banking deposits of PKR 5 billion or above.
Banks are imposing charges on deposits to discourage deposits in order to avoid Advances to Deposit related taxation.
