Bank Savings Profit Rate Rises to 10.5% in Pakistan From 1 November 2026: Alfalah, JS Bank, BOK (Bank List)

Bank savings accounts in Pakistan now pay at least 10.5% a year for individuals with up to Rs 10 million, from 1 November 2026. Bank Alfalah, JS Bank and the Bank of Khyber have already posted new rate sheets at 10.50%, up from 10.00%. MCB, HabibMetro and Samba Bank had not posted November sheets when we checked late on 2 November.

The rise follows the State Bank of Pakistan's decision to lift its policy rate to 12% from 27 October. Below are the new rates bank by bank, what changes on Rs 5 lakh or Rs 10 lakh, which accounts are left out, and how to check that your bank has actually paid it.

The minimum savings profit moved from 10% to 10.5% on 1 November

The State Bank sets the minimum profit on rupee savings 0.5 point below its floor rate. The floor rose to 11% when the policy rate went to 12% on 27 October, so the minimum is now 10.5%. A change applies from the first day of the next month, which is 1 November 2026.

The State Bank's home page showed the policy rate at 12.00%, the ceiling at 13.00% and the floor at 11.00% when we read it on 2 November. The rule itself comes from BPRD Circular No. 07 of 2013, which says the minimum is 50 basis points below the floor and that "any change" applies "with effect from 1st day of the subsequent month". It is worked out on your average monthly balance, not the balance on one day.

The full background to the rule is in our page on how the savings minimum follows the SBP floor. The rate decision itself is covered in the SBP rate rise to 12%.

Bank Alfalah, JS Bank and Bank of Khyber now pay 10.50%

Three banks had new sheets online on 2 November 2026. All three moved their basic rate for eligible individuals from 10.00% to 10.50%. Bank Alfalah also raised its tiered accounts by the same half point, to as much as 10.80%, and lifted its term deposits.

MCB's rate page said "Last Updated: 02 November, 2026", but the newest rupee circular on it was still the one for August to December at 10.00%. HabibMetro's newest sheet was dated 1 September 2026. Samba's newest notice covered 1 August to 31 December 2026. The rule applies to them too, so expect revised sheets, but we could not confirm their November rates.

Rs 10 lakh now earns about Rs 8,750 a month before tax

At 10.5% a year, Rs 1,000,000 earns about Rs 8,750 a month before tax, against about Rs 8,333 at 10%. That is roughly Rs 417 more a month. A filer pays 15% withholding tax, which leaves about Rs 7,438.

These are our own sums, rounded to the rupee, on a simple yearly rate divided by twelve. Banks that pay every six months, such as Alfalah's PLS Savings, credit the same total in two larger amounts. Non-filers pay a higher tax rate, so the after-tax figure is lower for them.

National Savings still pays more on some schemes. Its own rates from 21 October 2026 put Behbood at 12.96% and Regular Income at 12.12%, though those have their own rules on who can invest.

Balances above Rs 10 million and companies are left out

The 10.5% minimum covers individuals, meaning natural persons, with an average monthly balance of up to Rs 10 million. Balances above that, companies and institutions get the bank's own rate, which is often much lower. Islamic banks follow separate State Bank rules.

The bank sheets show the gap clearly. Bank Alfalah pays 9.50% above Rs 10 million and to non-individuals. JS Bank pays 7.50% on an individual's balance between Rs 10 million and Rs 25 million. The Bank of Khyber pays 6.50% to customers who are not eligible for the minimum deposit rate.

Term deposits are also different. An existing fixed deposit keeps the rate it was booked at until it matures. New deposits do move with the market, and Bank Alfalah's 1-year term deposit for amounts under Rs 1 million now pays 11.25% at maturity, against 10.20% on its August sheet. JS Bank's 1-year deposit for Rs 100,000 to Rs 4,999,999 pays 11.32% at maturity, up from 10.94%.

Meezan Bank and other Islamic banks declare profit after each month from their deposit pools. Meezan's Saving Account paid 6.79% for October 2026 on its own historical sheet, which is why the Islamic bank profit rule matters if you bank with one.

How to check your bank paid 10.5% for November

The November profit appears on your statement either at the start of December, for monthly accounts, or at the next six monthly payout. Check the rate your bank used against your average balance. If it is below 10.5% and you qualify, ask in writing.

1. Open your bank's rate sheet on its website and find your account by its exact name.
2. Confirm the sheet says effective 1 November 2026, or a later date, and read the tier for individuals up to Rs 10 million.
3. Check your statement for the profit credited and the average balance it was worked on.
4. Divide the yearly rate by twelve and multiply by your average balance to see what one month should give.
5. If the credit is short, complain to the bank first, keeping the complaint number.
6. If the bank does not fix it, take the complaint to the State Bank or the Banking Mohtasib.

Bank by bank detail is on the Bank Alfalah profit rates and JS Bank profit rates pages, which were written before these new sheets and now carry update notes. For a wider comparison, the bank savings rates for October show where each bank stood before the change.

Common questions

What is the minimum savings account profit rate in Pakistan from November 2026?

10.5% a year for individuals with an average monthly balance of up to Rs 10 million in a rupee savings account at a conventional bank. It was 10% in October.

Which banks have announced 10.5% so far?

Bank Alfalah, JS Bank and the Bank of Khyber had sheets effective 1 November 2026 at 10.50% when we checked on 2 November. MCB, HabibMetro and Samba had not posted new sheets.

Does the 10.5% apply to my fixed deposit?

No. A term deposit keeps its booked rate until maturity. New term deposits are priced by each bank, and several now pay more than 11% for one year.

Does Meezan Bank pay 10.5%?

No. Islamic banks are covered by separate State Bank instructions and declare profit monthly from their pools. Meezan's Saving Account paid 6.79% for October 2026.

When will I see the higher profit?

In the profit for November, which monthly accounts credit in early December. Six monthly accounts include it in their next half yearly payout.

Is tax deducted from the new profit?

Yes. Banks deduct withholding tax from profit, 15% for filers on the Active Taxpayer List and more for non-filers.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read the State Bank of Pakistan home page and BPRD Circular No. 07 of 2013 on 2 November 2026. We read Bank Alfalah's Deposit Rate Sheet dated 3 November 2026 (savings effective 1 November, term deposits effective 3 November) from its profit rates page, JS Bank's LCY rack rates effective 1 November 2026, the Bank of Khyber's revised profit rates effective 1 November 2026, and the rate pages of MCB, HabibMetro and Samba Bank, all on 2 November 2026. We could not read NBP's rate page, whose figures did not load as text, and we did not check HBL, UBL, Allied Bank or Askari Bank, whose sites do not open from our connection.