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
Founded in 2002 and promoted by prominent Nepalese celebrities, Siddhartha Bank Limited (SBL) is today one of Nepal's steadily growing banks. Although the promoters come from a wide range of industries, they have tremendous market knowledge and share their valuable insights with the Bank in order to develop it. Siddhartha Bank has been able to come up with a wide variety of products and services that best serves its clientele within a short period of time. Since the beginning of its operations, Siddhartha Bank has been consistently reporting growth in its portfolio size and profitability. The administration of the bank is highly competent. In order to become one of the most promising commercial banks in the world, Siddhartha Bank has been able to gain substantial confidence from clients and all other stakeholders. The Bank is completely committed to the satisfaction of customers. An indication of its dedication to customer satisfaction is the variety and scope of modern banking products and services that the Bank has offered. It is this dedication that helped the Bank record quantum growth each year. The Bank is positive and optimistic that it will be able to preserve this trust and step even further towards its goal of being one of the industry's leading banks.
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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