The State Bank of Pakistan (SBP) Tuesday said that Deposit Protection Corporation (DPC) has increased the guarantee amount for all eligible depositors of its member banks from Rs. 500,000 to Rs. 1,000,000 with effect from October 01, 2024, as decided by the Board of Directors of the Corporation.
This enhanced guarantee amount now provides full protection to around 96 percent of the eligible depositors. The main objective of the deposit protection scheme is to safeguard the depositors’ interest and further enhance their confidence in the banking sector. This will also support financial stability in the country, the central bank said.
The central bank said that the deposit protection facility is applicable to all the eligible depositors and does not require any fee from the depositors.
The guarantee amount or protected deposit becomes payable to eligible depositors only if State Bank of Pakistan declares a bank as a failed bank and is not payable under any other circumstances.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
03024201720
+923157782704