Karachi November 26 2024: Meezan Bank Limited (MBL) and Bank Alfalah have withdrawn their recently announced charges on high-value deposits following separate notices issued to their customers.
On November 20, 2024, Meezan Bank had announced amendments to its Schedule of Charges (SOC) for July–December 2024, effective December 21, 2024. These included a 5% monthly fee on deposit balances exceeding PKR 1 billion at the end of each month. However, in a new notification, the bank stated:
“MBL always values its customers and is committed to providing quality banking services. The previously communicated amendments to the SOC shall stand deleted with immediate effect.” The existing SOC will remain unchanged.
Similarly, Bank Alfalah had notified its customers on November 12, 2024, about a 5% monthly fee on balances exceeding PKR 5 billion in checking accounts. In its latest statement, the bank confirmed:
“Bank Alfalah is unilaterally withdrawing the 5% monthly fee on month-end balances of PKR 5 billion and above, with immediate effect.”
Both banks have emphasized their commitment to maintaining customer trust and ensuring continued quality services.
