Karachi November 20 2024: Meezan Bank Limited, the largest Islamic Bank of Pakistan, will charge 5% monthly on deposits exceeding PKR 1 Billion and can also return the deposit exceeding the same level, according to the new amendments.
Meezan Bank Limited (MBL) has made additions/amendments to its existing Schedule of Charges (SOC) for the period July December 2024, effective December 21, 2024.
“MBL has right to recover monthly fee of 5% on deposit accounts where the balance on the last day of the month of an account is PKR 1 Billion and above (or equivalent in case of foreign currency)” states the new regulation.
“The Bank has applied maximum limit on daily credit balance of PKR 1 Billion (or equivalent in case of foreign currency) on all types of checking accounts. The Bank has the right to refuse and/or to return the amount over and above said limit of PKR 1 Billion to the account holder by issuing a Pay Order or through any other means, as deemed appropriate by MBL” states the other regulation.
Earlier, Habib Bank Limited and Bank Alfalah slapped monthly penalty of 6% and 5% on banking deposits of PKR 5 billion or above, respectively.
Banks are imposing charges on deposits to discourage deposits in order to avoid Advances to Deposit related taxation.
