Pensioner Benefit Account FAQs

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 Pensioners Benefit Account.

Pensioners Benefit Account’s maturity period is 10 years.

Pensioners Benefit Account can be opened by depositing cash/cheque/ draft/ pay-order at the Issuing Office.

Yes, minimum deposit limit is 10,000/- rupees and maximum investment limit is 5,000,000/- An investor can invest only seven subsequent deposits in the account.

  • If withdrawn before completion of 01 year from the date of deposit: 1% of the principal amount
  • If withdrawn after 01 years but before completion of 02 years from the date of deposit: 0.75% of the principal amount
  • If withdrawn after 02 years but before completion of 03 years from the date of deposit: 0.5% of the principal amount
  • If withdrawn after 03 years but before completion of 04 years from the date of deposit: 0.25% of the principal amount
  • If withdrawn after completion of 04 years from the date of deposit: No Service Charges

In the event of the death of an Account Holder, if the nominee(s) is not an eligible member of the family, he/ she/ they would be entitled to receive the profit at the prevailing rate of Savings Account for a maximum period of three months started from the date of the death of the Account Holder or withdrawal of amount by the nominee whichever is earlier. However, if the nominee is one of the eligible family members, the Account shall be transferred in his/ her name after fulfilling the codal formalities and then s/he shall be entitled to receive/ earn the profit at the rates as was in the case of original holder provided that there is no litigation in court or order issued otherwise from a court of law.

Pensioners Benefit Account is exempted from withholding Tax.

Pensioners Benefit Account is exempted from Zakat.

 

For more details see under Product  > Accounts Pensioners Benefit Account