{"id":1652,"date":"2024-11-18T06:21:24","date_gmt":"2024-11-18T06:21:24","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1652"},"modified":"2025-01-19T18:52:49","modified_gmt":"2025-01-19T18:52:49","slug":"hbl-and-the-bank-of-punjab-introduce-monthly-fees","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1652","title":{"rendered":"HBL and The Bank of Punjab Introduce Monthly Fees on High-Value Accounts"},"content":{"rendered":"\r\n

In a notable development, Habib Bank Limited (HBL)<\/a><\/strong> and The Bank of Punjab (BoP)<\/a><\/strong> have announced new monthly charges on high-value accounts, effective December 20, 2024. The revisions are part of the updated Schedule of Charges<\/strong> for July-December 2024.<\/p>\r\n\r\n\r\n\r\n

HBL\u2019s New Fee Structure<\/h2>\r\n\r\n\r\n\r\n

HBL has introduced a 6 percent monthly fee<\/strong> on checking accounts with balances of Rs. 5 billion and above<\/strong> (or equivalent in foreign currency) as of the last day of the month. Additionally, foreign currency accounts will incur a flat 3 percent monthly fee<\/strong> on the closing balance.<\/p>\r\n\r\n\r\n\r\n

BoP\u2019s Updated Charges<\/h2>\r\n\r\n\r\n\r\n

Meanwhile, The Bank of Punjab has imposed a 5 percent monthly fee<\/strong> on conventional savings accounts with balances of Rs. 3 billion and above<\/strong> (or equivalent in foreign currency) as of the month-end.<\/p>\r\n\r\n\r\n\r\n

Industry Context<\/h2>\r\n\r\n\r\n\r\n

These changes come amid efforts by banks to navigate the federal government\u2019s 16 percent tax<\/strong> on financial institutions with an Advance-to-Deposit Ratio (ADR)<\/strong> of less than 50 percent. The tax, introduced to promote lending, has pushed banks to explore measures to mitigate the impact of the levy.<\/p>\r\n\r\n\r\n\r\n

Earlier Moves in the Sector<\/h2>\r\n\r\n\r\n\r\n

Bank Alfalah Limited<\/strong> recently took similar action, implementing a 5 percent monthly fee<\/strong> on all checking accounts.<\/p>\r\n\r\n\r\n\r\n

These policy adjustments mark a significant shift as banks aim to protect their bottom lines, potentially sparking further changes across the banking sector. Customers with high-value accounts are advised to review the revised terms and plan accordingly.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

In a notable development, Habib Bank Limited (HBL) and The Bank of Punjab (BoP) have announced new monthly charges on high-value accounts, effective December 20, 2024. The revisions are part of the updated Schedule of Charges for July-December 2024. HBL’s New Fee Structure HBL has introduced a 6 percent monthly fee on checking accounts with […]<\/p>\n","protected":false},"author":1,"featured_media":1653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[31,402,46,1007,1006,14],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t