The State Bank of Pakistan (SBP) has decided to prohibit all banks from levying any service charges for opening and the maintenance of regular savings accounts from the next fiscal year.
“The services rendered by banks for the opening and maintenance of regular savings accounts shall be free of charge. There shall be no condition of maintaining a minimum balance for these accounts. These instructions are applicable equally on all existing and new accounts. Similarly, no charges would be recovered by banks at the time of closing an account,” said BPRD Circular No 07 issued by the State Bank.
The new order would take effect from July 1, 2011. The banks shall not demand more than Rs100 as an initial amount for opening of regular savings accounts. However, no initial deposit would be required for opening of accounts by (i) Mustahkeen of Zakat, (ii) Students, (iii) Employees of Government or Semi Government institutions for salary and pension purposes (including widows/children of deceased employees eligible for family pension/benevolent fund grant, etc.) and other similar types of accounts, the Circular said.
It added that the banks shall ensure that all terms and conditions for the operation of an account, especially in case of its dormancy, closing and/or subsequent reactivation are brought into the knowledge of the customer at the time of account opening.
It started with Mian Mohammad Soomro as MD-NBP followed by Shaukat Tareeen as CEO-HBL.Then it went on and on.They butchered small investor sin saving accounts-looted,plundered them.They would have eaten dormant accounts in tens of billion rupees.Then on in Shaukat Aziz-till date private banks have run the roost.Their CEO draw salaries,perks.benefits of crore of rupees.SBP-Finance ministry should give accounts of their salaries of each private-government-NBP bnks and recover every looted penny from them.Mian Soomra s Senate Chairman,care taker Prime Minister who conducted elections for Musharraf is a forgotten villain who alongwith Musharraf created hell in every affair of country.His four or six months were just horrible.He ruined economy and was in full concert with Musharraf coalition partners as MQM-ML-Q to bring Pakistan to horrible pass.He should be included in every inquiry pertaining to his positions as Chairman Senate and care taker prime minister,damage he did to economy and every penny recovered from him.
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