KARACHI – Meezan Bank Limited (MBL) and Bank Alfalah have reversed their recently announced decision to impose 5% charges on high-value deposits.
Earlier this month, the banks issued separate notices to their customers informing them about amendment in Schedule of Charges for the period of July-December 2024.
On November 20, 2024, Meezan Bank had announced imposing 5% monthly fee on deposit balances exceeding Rs1 billion at the end of each month.
The bank has withdrawn the decision, stating: “MBL always values its customers and is committed to providing quality banking services. The previously communicated amendments to the SOC shall stand deleted with immediate effect.”
On November 12, the Bank Alfalah announced imposition of 5% monthly fee on balances exceeding Rs5 billion in checking accounts.
The decision has now been reversed with the bank in its new statement saying as “Bank Alfalah is unilaterally withdrawing the 5% monthly fee on month-end balances of PKR 5 billion and above, with immediate effect.”
