Effective 1 August 2026, the minimum profit rate requirement on saving deposits applies only to natural persons: individuals: whose monthly average balance does not exceed PKR 10 million. Deposits above that threshold, and all institutional deposits, are no longer covered by the floor. The State Bank of Pakistan announced both the policy change and the launch of its new digital investment platform, InvestPak, through BPRD Circular Letter No. 15 of 2026, dated 6 July 2026.

The Minimum Rate Now Applies Only to Smaller Individual Accounts

Previously, under BPRD Circular No. 05 and IFPD Circular No. 09: both dated 26 November 2024: the minimum profit rate requirement applied broadly to saving deposits. The new circular narrows that obligation: banks must now ensure the minimum rate only on deposits held by natural persons maintaining a monthly average balance of up to PKR 10 million. All other saving deposits: those of institutions, and those of individuals whose average monthly balance exceeds PKR 10 million: are exempt from the floor.

The SBP stated that all other instructions on the subject remain unchanged.

InvestPak Opens Direct Access to Government Securities

Alongside the policy change, the SBP formally launched InvestPak, a digital platform through which both retail and corporate investors can invest their savings directly in government securities. The central bank described the platform as convenient, efficient, and secure, and said it is accessible to institutional and retail investors alike.

The SBP linked the two measures explicitly: because institutional and sophisticated investors can now earn market-based returns through InvestPak, the minimum profit rate floor on their bank deposits is no longer necessary. The twin reforms are intended to diversify the investor base for government securities while preserving competitive returns for smaller savers.

Who Is Affected and How

  • Individual depositors with balances up to PKR 10 million - the minimum profit rate requirement continues to apply. Their banks must ensure they receive at least the prescribed minimum return on saving deposits.
  • Individual depositors with balances above PKR 10 million - the minimum rate no longer applies. They may negotiate returns with their bank or invest directly in government securities through InvestPak.
  • Institutional depositors - the minimum rate no longer applies. They can shift funds into government securities via InvestPak for market-based returns.

What Banks Must Do

Banks are required to identify saving deposit accounts held by natural persons whose monthly average balance is at or below PKR 10 million and continue applying the minimum profit rate to those accounts alone. For all other saving deposits, banks are free to set profit rates without the regulatory floor. The circular does not prescribe a transition period; the instructions have been in force since 1 August 2026.

What the Evidence Does Not Yet Establish

The circular does not specify the current minimum profit rate percentage, the exact range of government securities available on InvestPak, the registration procedure for the platform, or the web address through which investors can access it. It also does not address how banks should treat existing high-value or institutional saving deposits that were previously subject to the minimum rate: whether those rates adjust automatically or require fresh contractual terms.