ISLAMABAD – The Pakistani government launched the Pensioner Benefit Account (PBA) to provide stable monthly income to retired employees.
The holders of this type of account receive profits on monthly basis for a 10 year maturity period.
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 are eligible for investment in this account.
Investment Limit for Pensioner Benefit Account
The minimum investment limit for PBA stands at Rs10,000 while a person can invest up to Rs7,500,000 in this account.
An investor can invest only seven subsequent deposits in the account
The following are not allowed under any circumstances: 1) More than eight deposits ; 2) Exceeding the prescribed limit of investment i.e. Rs. 7,500,000/- ; 3) More than one account across Pakistan at a time.
Profit Rate for Pensioner Benefit Account from Oct 2024
The Savings Directorate, according to PO, recently revised down the profit rate of various products including Pensioner Benefit account.
It offers 14.16 percent profit rate or Rs1,180 on per Rs100,000 investment to the holders of the Pensioner Benefit Account.
Tax Deduction
The withholding tax is not collected on the profit earned on the deposits made in PBA. The investment made in the PBA is also exempted from Zakat.
