Pensioners Benefit Account - National Savings
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!
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.
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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.
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.