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SBP raises profit rate on savings accounts from 1.5% to 7.25%

The central bank's move follows 150 basis points increase in the benchmark policy rate.

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SBP raises profit rate on savings accounts from 1.5% to 7.25%
GNN Media: Representational Photo

Karachi: The State Bank of Pakistan (SBP) on Monday raised the profit rate on savings accounts by 1.5% to 7.25%.

The central bank announced the new regulation on its official Twitter handle and stated: “As a result of the SBP policy rate increase announced on Friday and as per SBP regulation for bank customers, the profit rate on your savings account should rise by 1.5% to a minimum profit rate of 7.25%.”

The newly set profit rate will be applicable from December 1, 2021.

The decision is in line with the central bank’s aim to document the economy of Pakistan and to benefit the masses.

In a series of tweets, the central bank also urged the depositors to ensure they avail the benefits provided to them by the SBP.

“If your bank gives you lesser profit on your savings account, please file a complaint with your bank and if not resolved please contact SBP customer complaints,” it added.

Moreover, in order to motivate people to open saving accounts, the central bank has made it mandatory for banks to provide the option to open bank accounts digitally with remote biometric and without the need for a customer to visit a bank branch from January 2022.

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Regional

PDMA issues alert about more torrential rains in parts of KP

Torrential rains can cause urban flooding in Nowshera, Mardan, Swabi, and land sliding in hilly areas
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Aug 07, 2022 05:34 PM

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PDMA issues alert about more torrential rains in parts of KP

Peshawar: The Provincial Disaster Management Authority Khyber Pakhtunkhwa has issued an alert about monsoon torrential rains in different parts of the province from Sunday.

According to details, PDMA has advised all the Deputy Commissioners to take precautionary measures to avoid any human and material losses.

The rains can cause urban flooding in Nowshera, Mardan, Swabi and land sliding in hilly areas.

The PDMA control room is operational round the clock and people can contact on its helpline 1700 in case of emergency.

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Technology

Musk challenges Twitter CEO to public debate on bots

"Let him prove to the public that Twitter has <5% fake or spam daily users"
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Aug 07, 2022 05:45 PM

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Musk challenges Twitter CEO to public debate on bots

California: Elon Musk on Saturday challenged Twitter Inc (TWTR.N) Chief Executive Officer Parag Agrawal to a public debate about the percentage of bots on the social media platform.

"Let him prove to the public that Twitter has <5% fake or spam daily users!" Musk said in a tweet.

He also started a poll asking users whether less than 5% of Twitter daily users are fake/spam.

Twitter on Thursday dismissed a claim by Musk that he was hoodwinked into signing a $44 billion agreement to buy the company.

Musk filed a countersuit against Twitter on July 29, escalating his legal fight against the company over his bid to walk away from the purchase agreement.

Earlier on Saturday, Musk said that if Twitter could provide its method of sampling 100 accounts and how it confirmed that the accounts are real, his deal to buy the company should proceed on its original terms.

SOURCE: Reuters

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Pakistan

Chaudhry Shujaat Hussain condemns propaganda campaign against Army

PML-Q president calls upon politicians to leave political expediencies and support Army
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Aug 07, 2022 05:11 PM

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Chaudhry Shujaat Hussain condemns propaganda campaign against Army

Lahore: The Pakistan Muslim League-Quaid (PML-Q) President Chaudhry Shujaat Hussain condemned the vilification campaign on social media against the Army.

PML-Q President Chaudhry Shujaat Hussain has said that the entire nation mourns the loss of Army men’s lives in the Lasbela tragedy while urging politicians to put their political interests on the back burner and support Army.

In his statement on Sunday, Ch Shujaat said that the Army had served the nation in every calamity and hour of trial. It has played a significant role in the restoration of peace and security and the elimination of terrorism from the country, he added. 

The PML-Q leader stated that the entire nation was grieved over the martyrdom of the Shuhda of Lasbela tragedy. He called upon the politicians to leave their political expediencies behind and foiled the propaganda campaign against the Armed Forces. He asked them to fully support the Army. 

He was of the view that everything could be tolerated but propaganda against Army could not be allowed.

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