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 16, 2022
Nepal Credit & Commerce Bank Ltd. (NCC Bank) formally registered as Nepal - Bank of Ceylon Ltd. (NBOC), commenced its operation on October 14, 1996 as a Joint Venture with the Bank of Ceylon, Sri Lanka. It was then the first private sector Bank with the largest authorized capital of NRS. 1,000 million. The Head Office of the Bank is located at Bagbazar, Kathmandu. The name of the Bank was later changed to Nepal Credit & Commerce Bank Ltd., (NCC Bank) on 10th September, 2002, due to transfer of shares and management of the Bank from Bank of Ceylon, to the Nepalese Promoters. NCC Bank completed 23 years of its banking services on October 14, 2019 and recently entered into a historic merger with four Development Banks – Infrastructure Development Bank Ltd., Apex Development Bank Ltd., Supreme Development Bank Ltd. and International Development Bank Ltd. NCC Bank started its joint transaction from January 01, 2017 has now become one of the largest private sector commercial banks. At present NCC provides banking services and facilities to rural and urban areas of the country through its 120 branches, 85 ATMs and 4 Extension Counters scattered all over the country from Far West to Far East. The Bank has developed a corresponding agency relationship with more than 150 International Banks having a worldwide network.
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.