Presidents/ Chief Executives,
All Scheduled Banks,

Dear Sirs/Madam,

CLARIFICATION-SERVICE CHARGES ON PLS DEPOSIT ACCOUNT

Please refer to BPD Circular No. 23 dated July 4, 2003 on the captioned subject.

2. It has been decided to substitute, with immediate effect, Para 3 of the above Circular with the following:

“Banks are further directed that accounts maintained by (i) Students; (ii) Mustahiqueen of Zakat; and (iii) employees of Government/ Semi-Government institutions for salary and pension purposes including widows/ children of deceased employees eligible for family
pension/ benevolent fund grant etc. shall be exempted from levy of service charges in any manner whatsoever.”