KARACHI: Bank Alfalah Limited has announced a 5 per cent fee on month-end balances exceeding Rs5 billion, effective December 15, 2024.
Accounts maintaining a balance of Rs5 billion or above on the last day of the month shall be charged a 5 per cent fee on their month-end balance,” the Addendum to the schedule of charges from July to December 2024 reads.
A 5 per cent monthly fee essentially means that the bank will deduct a minimum sum of Rs250 million per month from big-value accounts with a minimum deposit of Rs5 billion.
This is in response to the federal government’s hefty 16 per cent tax on banks with an Advance-to-Deposit Ratio of less than 50 per cent. Banks are looking to avoid paying the big ADR tax and could go to any legal lengths seeking cover.
Authorities have focused on banks to increase private lending and set a big price to pay in case they fail to achieve the intended target.
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