The bail means Musharraf may be released from house arrest but it is likely he won't leave because of threats on his life, the BBC reported.
The former leader's lawyer said Monday Musharraf will remain in the country awaiting trial, NewsPakistan.pk reported.
Musharraf is accused of ordering a crackdown on the pro-Taliban Red Mosque in Islamabad, in which imam Abdul Rashid Ghazi was among the victims.
Musharraf was on self-imposed exile but returned earlier this year. He was banned from running in the general election and put under house arrest in April for a series of charges stemming from his time in power between 1999 and 2008, the BBC said.
He is accused of ordering the assassination of former Prime Minister Benazir Bhutto and Baloch tribal leader Nawab Akbar Bugti and is also charged with attempting to sack the higher judiciary in 2007, the BBC said.
Notable deaths of 2014 [PHOTOS]