The State Bank of Pakistan has announced that if any bank does not open an account within two days, it can complain. Under the new rules, banks are required to notify the user within two days of submission of documents whether to open an account or not.

From January 2022, all banks will be required to give customers the option to open a digital account for which biometric verification will be done remotely and the customer will not have to visit a bank branch.

Consumer accounts can be opened through websites, portals, mobile applications, without calling them a bank. Under the new framework, savings and current accounts can be opened, while ‘Easy Digital Account’, ‘Easy Digital Remittance Account’, ‘Freelancer Digital Account’ and ‘Digital Account’ can be opened under four different categories.

Following the recent rise in interest rates, the rate of return on savings accounts for bank customers has increased by 1.5 percent as per central bank rules, bringing the minimum interest rate to 7.25 percent since December 1.

According to the SBP, if the consumer banks give them less profit on savings accounts than this rate, they should lodge their complaint with the bank. Email .helpdesk@sbp.org.pk

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