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  • Service Charges On The Collection of Fees of Educational Institutions

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    The document is a circular letter from the State Bank of Pakistan to all banks regarding service charges for collecting fees from educational institutions. It instructs that banks are not allowed to charge any service fees when students directly deposit fees into the institution's account. Banks can charge a maximum of 0.5% of fees or Rs. 25, whichever is less, for instruments like pay orders or demand drafts used to pay fees. This circular supersedes previous instructions issued in 2007 on this topic.

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    PIPFA Fees

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    The document is a circular letter from the State Bank of Pakistan to all banks regarding service charges for collecting fees from educational institutions. It instructs that banks are not allowed to charge any service fees when students directly deposit fees into the institution's account. Banks can charge a maximum of 0.5% of fees or Rs. 25, whichever is less, for instruments like pay orders or demand drafts used to pay fees. This circular supersedes previous instructions issued in 2007 on this topic.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    41 views1 page

    Service Charges On The Collection of Fees of Educational Institutions

    Uploaded by

    Shahid Malik
    The document is a circular letter from the State Bank of Pakistan to all banks regarding service charges for collecting fees from educational institutions. It instructs that banks are not allowed to charge any service fees when students directly deposit fees into the institution's account. Banks can charge a maximum of 0.5% of fees or Rs. 25, whichever is less, for instruments like pay orders or demand drafts used to pay fees. This circular supersedes previous instructions issued in 2007 on this topic.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
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    Circulars/Notifications
    BPRD Circular Letter No. 21 of 2009 The Presidents/Chief Executives All Banks Dear Sir/Madam, August 10, 2009

    SERVICE CHARGES ON THE COLLECTION OF FEES OF EDUCATIONAL INSTITUTIONS

    Please refer to BPRD Circular Letter No.06 dated March 14, 2007 on the above subject wherein the banks have been instructed not to levy any service charges for collection of fees from students of Educational Institutions in any manner whatsoever. The issue has been revisited and banks are now instructed as under:1. No service fee shall be charged from the students depositing the amount of fee directly in the fee collecting account of the educational institution. 2. The charges for making pay order/DD/any other related instrument for payment of fee/dues in favor of educational institutions, HEC/Board etc may not exceed 0.50% of fee/dues or Rs. 25 per instrument whichever is less. The above instructions supersede the previous instructions issued vide BPRD Circular Letter No.06 dated March 14, 2007. Please acknowledge receipt.

    Yours truly, (Muhammad Tahir) Joint Director

    2009 State Bank of Pakistan. All Rights Reserved. Disclaimer. Instructions State Bank of Pakistan I.I. Chundrigar Road, Karachi, Pakistan. Phone: 111-727-111, Fax: (92-21) 9212440 www.sbp.org.pk

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