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
In 2016, after the merger of Grand Bank Nepal Limited, Kist Bank Ltd., Prabhu Bikash Bank Ltd., Gaurishankar Development Bank Ltd. and Zenith Finance Ltd., Prabhu Bank Limited was created. Prabhu Bank Limited has taken part in the A class financial institution status. The mission of Prabhu bank Limited is to become Nepal 's leading commercial bank by providing their customers with the highest quality financial products and services.
Prabhu Bank Limited has undertaken activities such as various deposit schemes, loans and advances, foreign exchange facilities, trade finance, inward / outward remittances, government securities market makers, non-funded services such as issuing guarantees, letters of remittances,, with the goal of supporting individuals, families. Prabhu Bank maintains that it is only when its customers thrive that a bank succeeds.
One of the key aims of the bank is to reach out to ordinary citizens with a host of helpful products and services to ensure their future prosperity. The bank has achieved a considerable degree of success in pursuing this goal within a relatively short period of time, thus building a substantial base of loyal customers.
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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