After a massive increase by Rs5,614 billion in one year, bank deposits for the first time in the country’s history have exceeded the Rs31,000 billion mark to reach Rs31,121 billion; up by 22 per cent from the last year, reported 24NewsHD TV channel on Friday.

Buoyed by a high interest rate, investors are increasingly turning to banks.

According to the statistics released by the State Bank of Pakistan (SBP), in June 2023, the deposits stood at Rs25, 507 billion, which soared by Rs1773 billion in just one month.  

The figures further show that in May 2024, bank deposits were recorded at Rs29, 348 billion, while in the first six months of 2024, the deposits went up by Rs3,851 billion.

In January 2024, the deposits stood at Rs27,540 billion, which after an increase by Rs3,581 billion reached the Rs31,121 billion mark in June 2024.

Reporter: Ashraf Khan