The Presidents/Chief Executives

All Commercial Banks.

Dear Sir/Madam,

Minimum Rate of Return on Saving Deposits

1. Please refer to BPRD Circular No.01 dated April 13, 2012 and BPRD Circular No.07 dated May 30, 2008 on the above subject.
2. It has now been decided that effective from April 01, 2013 minimum profit rate of 6.0% p.a. on all Pak Rupee saving deposits will be paid by banks on average monthly balances. It is further clarified that this rate of profit will be applicable on all existing and new saving deposits including term deposits.
3. Other instructions on the subject shall remain the same. Any violation of the above instruction will render the bank liable for punitive action under the relevant provisions of the Banking Companies Ordinance 1962.

Please acknowledge receipt.