Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 24
October 5, 2001  

  The Chief Executives,

  All Scheduled Banks 

  Dear Sirs, 

PRUDENTIAL REGULATION NO.XIII – REVIEW OF INSTRUCTIONS
ON SERVICE CHARGES ON PLS DEPOSIT ACCOUNTS.

 

It has been observed by the State Bank of Pakistan that inspite of clear instructions issued vide our BSD Circular No.12 dated 17-03-2001 on the above subject, banks are still recovering service charges from the PLS accounts ostensibly on the basis or stipulation in Clause (III) of the said circular which infact relates to investment accounts of fixed tenure.

In order to remove any ambiguity on this account, it is clarified, and banks are accordingly directed, that no service charges, whatsoever, can be recovered from any kind of PLS accounts. The banks can, however, recover their cost of maintaining these accounts while working out the rate of return to be offered to the depositors in PLS accounts.

Yours faithfully,
(Muhammad Kamran Shehzad)
Joint Director
       
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