The State Bank of Pakistan (SBP) has provided reassurance to depositors, stating in its annual report that 98% of bank accounts in the country are safeguarded through the Deposit Protection Corporation (DPC). Out of the total 70.30 million scheduled bank accounts, 70.15 million, or 98%, benefit from the protection offered by the DPC.
Established in 2018, the DPC plays a vital role in securing depositors’ money in the event of a bank failure. All banks in Pakistan are members of the DPC, and the protection covers deposits up to Rs500,000.
The SBP’s annual report aims to inform depositors about the safety measures in place for their accounts. It highlights the compliance of all banks with the DPC’s requirements since its establishment.
The central bank advises depositors to consider banks that are well-capitalized and well-managed. Additionally, it emphasizes the importance of reading and understanding the terms and conditions of deposits before making any financial commitments.
As the SBP continues its commitment to maintaining the stability and reliability of the banking sector, depositors are encouraged to stay informed and make informed choices for their financial well-being.
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