{"id":95710,"date":"2023-12-04T15:19:24","date_gmt":"2023-12-04T10:19:24","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=95710"},"modified":"2023-12-04T15:19:25","modified_gmt":"2023-12-04T10:19:25","slug":"sbp-notifies-citizens-accounts-safety","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-notifies-citizens-accounts-safety.html","title":{"rendered":"SBP shares details on no. of safe bank accounts, protected deposit limit"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Lahore: The State Bank of Pakistan (SBP) has reassured the public that 98% of funds held in bank accounts nationwide are secure, according to a news source on December 1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/hbl-agricultural-sector-transformation-solar.html\" target=\"_blank\" rel=\"noreferrer noopener\">HBL to finance Pak agriculture sector\u2019s journey to going solar<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per the details, the SBP disclosed in its recently released annual report that out of the total 70.30 million scheduled bank accounts in the country, a substantial 70.15 million accounts, equivalent to 98%, are covered by the protection of the Deposit Protection Corporation (DPC).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, the DPC \u2014 established in 2018 \u2014 serves the crucial role of safeguarding depositors\u2019 funds in the event of a bank failure. All banks operating in Pakistan are members of the DPC, and it guarantees the protection of deposits up to PKR 500,000 in case of such an unfortunate circumstance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The annual report from the SBP aims to provide depositors with essential information regarding the security of their funds within banks. Notably, since the inception of the DPC, all banks have consistently adhered to its requirements, ensuring a robust protective mechanism for depositors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/steel-industry-lower-interest-rates.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP urged to lower interest rates to support steel industry<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SBP has taken the opportunity to advise depositors to opt for banks that exhibit strong capitalization and effective management. Additionally, individuals are encouraged to carefully review the terms and conditions associated with their deposits before making any financial commitments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: The State Bank of Pakistan (SBP) has reassured the public that 98% of funds held in bank accounts nationwide are secure, according to a news source on December 1. Read: HBL to finance Pak agriculture sector\u2019s journey to going solar As per the details, the SBP disclosed in its recently released annual report that out of the total 70.30 million scheduled bank accounts in the country, a substantial 70.15 million accounts, equivalent to 98%, are covered by the protection of the Deposit Protection Corporation (DPC). Moreover, the DPC \u2014 established in 2018 \u2014 serves the crucial role of safeguarding depositors\u2019 funds in the event of a bank failure. All banks operating in Pakistan are members of the DPC, and it guarantees the protection of deposits up to PKR 500,000 in case of such an unfortunate circumstance. The annual report from the SBP aims to provide depositors with essential information regarding the security of their funds within banks. Notably, since the inception of the DPC, all banks have consistently adhered to its requirements, ensuring a robust protective mechanism for depositors. Read: SBP urged to lower interest rates to support steel industry The SBP has taken the opportunity to advise depositors&hellip;<\/p>\n","protected":false},"author":88,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[55057,21853],"persona":[],"class_list":["post-95710","post","type-post","status-publish","format-standard","has-post-thumbnail","category-notices-announcements","tag-sbp-news-and-updates","tag-state-bank-of-pakistan-sbp","cat-15017-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP Notifies Citizens of Accounts&#039; Safety - Zameen News<\/title>\n<meta name=\"description\" content=\"The SBP provides reassurance that 98% of funds held in bank accounts across the nation are confirmed to be secure\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-notifies-citizens-accounts-safety.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP Notifies Citizens of Accounts&#039; 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