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.
|