Old Age saving is specially designed account saving for senior citizens of 55 years & above who wants value for their saving and security of their funds
Last Updated Date: May 17, 2022
Nabil Bank Limited is the first private sector bank in the nation and has been operating since July 1984. With the aim of expanding the international standard of modern banking services to different segments of society, Nabil was integrated. In pursuing its goal, through its 118 points of representation, Nabil Bank offers a full range of commercial banking services. In addition to this, Nabil has a presence throughout the nation through over 1500 Nabil Remit agents. As a leader in the introduction of many revolutionary products and marketing concepts in the domestic banking industry, Nabil started a period of modern banking with customer loyalty calculated as a focal target while doing business. A highly skilled and seasoned management team oversees the bank's affairs, including day-to-day affairs and risk management. The bank is completely equipped with advanced technology, including international standard banking applications enabling e-channels and e-transactions. For all its stakeholders, clients, shareholders, regulators, societies, and employees, Nabil is going forward with a vision to be the 1st option provider of full financial solutions. Nabil is committed to providing its stakeholder's excellence in a variety of areas, not just one measure, such as profitability or market share. It is mirrored in its Together Ahead Brand Pledge.
Document Required for Old age saving account:
Elders/senior citizens have spent a lifetime working, creating life, and chiseling paths in the roughest terrains for the ease of the generations that are to follow them. Because of these facts, elders need to be honored with various facilities and considerations that are tasked to make their lives better. To adapt to the needs of golden age society and improve their satisfaction. It encourages the elders to save for their golden age consumption before the retirement age reaches. It is designed to empower elder citizens to independently carry out the day-to-day banking transactions with dignity and confidence. It is designed to make banking an enjoyable experience. It is an account that offers convenience and cost-saving benefits which facilitates banking transactions with hosts of facilities catering to the needs of elders. is the highest interest-bearing saving account specially designed for senior citizens of 60 years & above who wants value for their saving and security of their funds. It is an attempt to respect them along with motivating saving for their much older age of need.
Given below are the top reasons investment option among senior citizens:
Since old age saving is a government-backed small savings scheme, it is one of the safest and most reliable investment options for senior citizens.
Offering interest at the rate of 7.4% per annum, It is among the most beneficial investment options, especially compared to the rather traditional ways of savings such as FD and Savings Account.
Under section of the Income Tax Act, It is eligible for a tax deduction of up to Rs. 1.5 Lakh per annum.
The process of investing is quite simple. You can open account at any authorized bank or any post office in India.
Under the interest amount is paid to the account holders quarterly which ensured period payouts adding to your investment. Interest will be credited on the first day of April, July, October, and January every financial year.
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