ISLAMABAD – The National Savings Centres or ‘Qaumi Bachtat Bank’ has revised down the profit rate to 16.08 for the Pensioner Benefit Account (PBA) with effect from January 2024.
The federal government introduced the scheme of Pensioner Benefit Account (PBA) in 2003 in order to address the plight of pensioners and to ensure a stable income after retirement.
The account is maintained in the form of an Account where profits are paid on monthly basis for a 10 year maturity period.
Who is Eligible for the Pensioners Account?
The pensioners of federal government, provincial governments, government of Azad Jammu & Kashmir, armed forces, semi-government and autonomous bodies and in case of the death of a pensioner their eligible family member can invest in this account.
How to Open an Account
Only one account, at a time can be opened at any of the National Savings Centre (NSC) across Pakistan, Azad Kashmir and Gilgit Baltistan, by filling in DA-I (Application Form), available free of cost from NSCs.
Investment Limit
The minimum investment limit is Rs10,000 with maximum limit standing at Rs7,500,000. An investor can invest only seven subsequent deposits in the account
Qaumi Bachat Bank Profit Rate for Pensioners Update
The profit rate for the Pensioners Benefit Account has been decreased to 16.08 percent by the government.
It means the investor will receive Rs1,320 per investment of Rs100,000.
Profit on One Million Rupees in Qaumi Bachat Bank
The holder of the Pensioners Benefit Account will receive Rs13,200 per month on investment of Rs1 million.
The profit rate is subject to deduction of withholding tax.
