Bank deposits hit new record as from March 2023 to March 2024, deposits have increased by massive Rs4,742 billion in one year, reported 24NewsHD TV channel on Friday.

According to State Bank of Pakistan, the bank deposits increased by Rs435 billion in just one month.

Bank deposits set a new record level of Rs28,321 billion in March 2024 while in March 2023 there were Rs23,579 billion, the State Bank stated.

From Rs27886 billion on February 2024, bank deposits rose to Rs28321 billion rupees in March 2024.

In this regard experts says banks are getting better returns due to higher interest rates because investors are increasing deposits in banks for better returns.

Due to the current economic situation and high interest rates, deposits in banks may continue to increase, experts said.

Reporter: Ashraf Khan