Bank deposits increase by 16.5% in one year: SBP > Total deposits in the nation’s banks grew by 16.5% over the past year to Rs17.08 trillion in January 2021, as a majority of businesses and households opted to avoid non-essential spending and saved a maximum amount to fight unforeseen challenges during the COVID-19 pandemic. Bank deposits had stood at Rs14.67 trillion at the end of January 2020, the State Bank of Pakistan (SBP) reported. “ A large number of businesses and households did not make unnecessary expenditures during the uncertain times of Covid-19. They opted to save money and park the savings in banks. This led to a rapid growth in deposits of banks,” Meezan Bank Product Development and Shariah Compliance Senior Executive Vice President Ahmed Ali Siddiqui told