Banking Industry’s Deposits Surge to Rs. 14.8 Trillion
Banking Industry continued to receive handsome inflows of deposits that have surged to Rs. 14.8 trillion and are likely to touch Rs. 15 trillion within the next month.
According to the State Bank of Pakistan (SBP), the banking industry recorded an addition of Rs. 142 billion, on the account of deposits thanks to higher interest rates which provided an opportunity for banks to attract customers with higher profit rates.
Some banks cashed in on the opportunity and offer profit rates of up to 14 percent on different saving products mainly Term Deposit Certificates for a period of one to five years. Besides the certificate, banks—Islamic and conventional—received healthy deposits in non-remunerative accounts from new customers and account holders including corporations and various associations which also added inflows in their deposits.
Among these banks, some have stopped their high-profit rate Term Deposit Certificate ahead of the announcement of the new policy rates, which is expecte..