DPC increases guarantee amount up to Rs1m

KARACHI: The Deposit Protection Corporation (DPC) has increased the guarantee amount for all eligible depositors of its member banks from Rs500,000 to Rs1,000,000 with effect from October 1, 2024, as decided by the board of directors of the corporation, a statement said on Tuesday.

“This enhanced guarantee amount now provides full protection to around 96 per cent of the eligible depositors,” the State Bank of Pakistan said in a statement.“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,” it added.

The deposit protection facility is applicable to all eligible depositors and does not require any fee from the depositors.