The PLS accountholders have expressed disappointment on the low rate of return for the six-month ended June 30, 2005 as announced by major banks, including Habib Bank, National Bank, MCB Bank Limited, United Bank and Allied Bank. They said the smaller banks have given a better return on PLS Savings accounts.
The PLS accountholders have urged the State Bank of Pakistan (SBP) to ensure a reasonable rate of return on the PLS accounts by big banks, especially when their lending rates have registered a sharp increase during January to June 2005 and further increase in lending rates by these banks is expected in the second half of 2005.
The PLS accountholders pointed out that when small commercial banks can give good returns for six-month on PLS accounts, why the big banks are discriminating and not giving the PLS accountholders good returns on their deposits.
They feel that the matter needs urgent attention of the State Bank, Finance Ministry, the prime minister and the president.