The IC Fee/Charge Against An Interest Type Product To be Deducted in Local Currency Instead of Account Currency (Doc ID 2963512.1)

Last updated on AUGUST 01, 2023

Applies to:

Symptoms

ACTUAL BEHAVIOR
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Bank has maintained IC Interest type product for foreign currency account so if monthly average balance is less than a certain amount e.g. 500 dollar then $1 dollar should be deducted on month end as a service charge/fee.

EXPECTED BEHAVIOR
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Bank wants to change service charges/fee to be recover in local currency i.e. PKR 50 instead of account currency.

STEPS
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The issue can be reproduced at will with the following steps:
1.Run EOM and verify the fee applied on an account having average balance less than the minimum required balance.

BUSINESS IMPACT
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The issue has the following business impact:
This is the central bank directions for the foreign currency accounts operations.

Cause

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