Senior Citizen Saving Account

Senior Citizen Saving Account

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

Senior Citizen Saving Account
6.03 %
Total Interest Rate

Last Updated Date: May 16, 2022

Sanima Bank Ltd

Sanima bank is one of the developed, strong and reliable banks promoted by the prominent and dynamic businessmen of the Non-Resident Nepalese (NRNs). It obtained an operating license from Rastra Bank of Nepal and started operating in 2004. Sanima Bank has 27 full-fledged branches inside and outside the Kathmandu valley to provide its customers with a banking financial solution and plans to develop even more facilities in different parts of the country. Sanima Bank Limited started its activity in 2004 as a National Level Development Bank. Sanima got the working permit from Nepal Rastra Bank to work as A Class Commercial Bank in 2012. Sanima has 79 undeniable branches and one expansion counter inside and outside the Kathmandu Valley and has further designs to extend its scope in the different piece of the nation.

Senior Citizen Saving Account

REQUIRED DOCUMENTS

Document Required for Old age saving account:

  1. Personal identification such as passport/citizenship.
  2. Recent Passport size photograph
  3. Signature Specimen
  4. Identification of account holder for KYC (Know your Customers) purpose for justifying the current address of customer such as utility bill (electricity/telephone) or PAN card or driving license or voter identity card etc.
  5. Declaration of nominee with personal identification and PP size photograph

Old Age Saving 

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. 

Benefits of Investing in Senior Citizen Savings Scheme

Given below are the top reasons  investment option among senior citizens:

Guaranteed Returns: 

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.

High Interest Rate:  

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.

Tax Benefit

 Under section of the Income Tax Act, It is eligible for a tax deduction of up to Rs. 1.5 Lakh per annum.

Simple Investment Process

The process of investing  is quite simple. You can open account  at any authorized bank or any post office in India.

Quarterly Interest Payouts

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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