Save savers

Since the SBP cut the policy rate, the banks have also reduced their profit rates on saving accounts which, in-turn, has reduced the earnings of savings account holders. Since the banks correlate their profit payable rates with their markup receivable (earnings) they had no option but to reduce profit rates on saving accounts to reduce their expenses so that their earnings are not hurt due to the reduction in the policy rates.

The profit rates on various schemes of National Savings have also been reduced despite the fact that they are not in the business of loans/advances. The SBP is requested to kindly work out some mechanism, in coordination with the banks, to protect the interests of depositors.

Khawaja Tajammul Hussain

Karachi