Akhtar was banned Thursday for 13 international matches and fined 3.4 million rupees (56,000 dollars) primarily for hitting a teammate with a bat.
"Akhtar hurt Pakistan's image and got the maximum punishment. Some form of counselling from a psychiatrist is compulsory for him," Pakistan Cricket Board chairman Nasim Ashraf told reporters.
The 32-year-old Akhtar has apologised for hitting Mohammad Asif with a bat after practice three days before the start of the inaugural Twenty20 World Cup in South Africa last month.
Pakistan team manager Talat Ali, who reported the incident to the PCB last month, had also recommended counselling for the troubled paceman whose ban dates back to the matches in the Twenty20 World Cup.
He will be available for the last of five one-day matches against South Africa to be played in Karachi on October 29.
Ashraf said the ban and fine -- the biggest ever imposed on a cricketer at international level other than in match-fixing -- should set an example for all players.
"We have set an example as Akhtar has got the maximum possible punishment and he has accepted them. Akhtar has accepted his mistake and we hope that such a sad incident will not happen again," said Ashraf.
But he said Akhtar must ensure such an incident never happens again.
"Akhtar will be under a probation of two years and in case of any further breach of code of conduct there will be grounds for a life ban and I hope Akhtar has learnt his lesson," said Ashraf.
Akhtar and fellow paceman Asif were also involved in a doping scandal last year. They tested positive for nandrolone which resulted in a two-year ban on Akhtar and one year on Asif. The bans were overturned on appeal.