Bank Alfalah Drops 5% Monthly Fee on High Value Accounts

Bank Alfalah Limited (BAFL) had decided to unilaterally withdraw the 5 percent monthly fee on month-end balances of Rs. 5 billion and above with immediate effect.  The announcement referenced the amendment in the Bank’s Schedule of Charges, dated November 12, 2024, informing customers about the levy of a 5 percent fee on month-end balances in excess of Rs. 5 billion across all checking accounts.  It is pertinent to mention here that following BAFL’s move, Habib Bank Limited and The Bank of Punjab had also imposed monthly fees on high-value accounts.  In another development related to the banking sector, the State Bank of Pakistan (SBP) has decided that Islamic Banking Institutions (IBIs) shall pay profit on their PKR saving deposits (excluding deposits of financial institutions, public sector enterprises, and public limited companies) equivalent to at least 75 percent of the weighted average gross yield of all pools of an IBI.