Business Desk 
Nov 19, 2024
An undated image of HBL buildings. — HBL
Habib Bank Limited (HBL) has increased the Schedule of Bank Charges (SOBC) for all checking accounts for the period of July-December 2024.
With the said hike in SOBC in effect, the bank will charge a 6% monthly fee on checking accounts whose balances will be Rs5 billion or more (or equivalent in case of FCY) on the month's last day.
As the increment will be applicable from December 20, 2024, the notable point is that accounts containing foreign currency will bear a 3% SOBC.
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Sources told Gadinsider that the updated bank charges for high-balance accounts have been included in HBL's existing SOBC.
Experts attribute the heavy surcharge to the federal government obliging banks with an ADR of less than 50% to pay a 16% tax.
It was also reported that the implementation of a big ADR tax has prompted banks to go to any lengths to make amends for the huge taxation payout.
