February 2024: Profit Rates for Pensioner Accounts at Qaumi Bachat Bank

February 2024: Profit Rates for Pensioner Accounts at Qaumi Bachat Bank

February 2024: Profit Rates for Pensioner Accounts at Qaumi Bachat Bank

February 2024: Profit Rates for Pensioner Accounts at Qaumi Bachat Bank

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The National Savings Centers, also known as ‘Qaumi Bachtat Bank,’ has lowered the profit rate to 16.08 for the Pensioner Benefit Account (PBA) starting from January 2024.

The Pensioner Benefit Account (PBA) scheme was introduced by the federal government in 2003 to help pensioners and provide them with a steady income after retirement.

This account operates like a regular account, and the profits are paid monthly for a period of 10 years.

Who is Eligible for the Pensioners Account?

The pensioners of federal government, provincial governments, government of Azad Jammu & Kashmir, armed forces, semi-government and autonomous bodies and in case of the death of a pensioner their eligible family member can invest in this account.

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How to Open an Account

Only one account, at a time can be opened at any of the National Savings Centre (NSC) across Pakistan, Azad Kashmir and Gilgit Baltistan, by filling in DA-I (Application Form), available free of cost from NSCs.

Investment Limit

The Qaumi Bachat Bank has set a minimum investment limit of Rs10,000 and a maximum limit of Rs7,500,000 for the Pensioners Benefit Account. Investors are allowed to make a maximum of seven consecutive deposits into this account.

In a recent update, the government has reduced the profit rate for the Pensioners Benefit Account to 16.08 percent. This adjustment implies that an investor will now receive Rs1,320 for every Rs100,000 invested.

Profit on One Million Rupees in Qaumi Bachat Bank

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The holder of the Pensioners Benefit Account will receive Rs13,200 per month on investment of Rs1 million.

The profit rate is subject to deduction of withholding tax.

 

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