Pensioners Benefit Account

Pensioners Benefit Account
Let us have a look at the updated information of the Pensioners Benefit Account. If you have just got the retirement and want to put your money in the safest source, open this account in the national savings centre. Below we have penned down the complete details of it:
Basic information
If you fall into this niche, open your account and get handsome profit on your invested amount. In addition, the maturity span of this account is ten years, and you get the profit each month.
Importance of the account
We know that in the pension receiving niche of Pakistan, they usually face many challenges and hardships. So, to help them out financially, the National savings centre has come up with this scheme. Their principal amount will remain safe, and in return, they will get the monthly profit.
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Pensioners Benefit Account - National Savings

Pensioners Benefit Account

When was it launched?

This account was launched on 19th January 2003, and you are only eligible to become a part of it once you have entered your retirement phase. The maturity span is ten years, and you will be paid the profit amount every month. More details on this National savings account are written below for you!

Who can apply?

If you have got retirement from the institution linked with Federal Government, Provincial Governments, then you are officially eligible to open this Pensioners Benefit Account. On the other hand, if you had been working for the Government of Azad Jammu & Kashmir or you had been linked with the Armed Forces, you are eligible.

Furthermore, all those who had worked and served for the Semi-Government and Autonomous bodies are completely and wholly eligible to open this respective National savings account. Now, you have come to know which parties are that are eligible for this accounting scheme.

If the pensioner dies, then his family member will be entitled to receive the profit. That family member will become the official holder of the Pensioners Benefit Account, and he will be the one who will receive the profit later on.

    To apply for this National savings account, you have to submit a copy of your Pension Payment Order. Or you can give any proof that you have been officially retired or gone for the golden handshake scheme. That is an important document that you have to attach to the form.

The minimum investment limit to open this National savings account is Rs 10,000 for the pensioner, and the maximum investment limit is Rs 5 000,000. You cannot put in more money, and keep in mind the details of this investment limit.

All across Pakistan, you can only make a single account and not more than that! In addition, you are not allowed to make more than eight deposits. If you exceed the prescribed limit, i.e. Rs. 5,000,000/-, then your Pensioners Benefit Account will get canceled.

Once you have deposited the amount, you can withdraw them anytime, but you have to pay the service charges. The service charges will be 1%, 0.75%, 0.5%, and 0.5% if you withdraw the amount before the completion of 1,2, 3 and 4 years.

Pensioners Benefit Account

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That is all information on the respective Pensioners Benefit Account! On the profit you will be getting, keep in mind that no tax will be applied. You are also exempted from Zakat. For more details on other National savings schemes and accounts of the national savings centre, keep tuned with us.
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