Banks’ Deposit Rate Surges to All-Time High

After the State Bank of Pakistan recently increased its policy rate, the minimum deposit rate (MRD) or profit rate offered to customers by various commercial banks soared to an all-time high level of 18.5 percent (SBP).

The new deposit rate went into effect the day after the new monetary policy was announced. From April 1st onward, banks will apply this rate to deposits made in March 2023.

Customers and investors who would receive up to Rs. 18,500 on an investment of Rs. 100,000 excluding various taxes and duties are drawn in by the rising profit rates offered by banks on savings accounts and term finance certificates, which also attracts significant deposits from customers and investors.

In comparison to Islamic banks, conventional banks offer higher deposit profit rates. However, due to the importance of religion to most people, savings accounts or term deposit certificates (TDR) are preferred in Islamic banks.

Due to MDR, which increases customer profit rates, the banking industry’s overall deposits have been rising. Around Rs. 22.75 trillion worth of deposits were made in the banking sector as a whole, which is the highest amount ever. The number of savings and investment products offered by various financial institutions, such as mutual funds and National Savings, increased in addition to savings accounts and investment certificates.

Depending on the length of time that customers and investors hold their investments, these institutions may also charge for services and deduct government taxes from the overall gain.

Pakistan’s savings-to-GDP ratio, which is generally around 10%, is lower than that of other nations in the region. High rates of personal and institutional saving have specific advantages for the economy. To achieve this, banks must provide customers with attractive profit margins.

For more information, please get in touch with Al Sadat Marketing.

You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.

Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/

Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

Book Your Plot Now: +92 331 111 0005

Tags :