PBA

Keeping in view the hardships faced by the pensioners and to guard them against the inflationary pressures, this ten years' maturity scheme was launched by the Government on 19th January, 2003. The accounts are maintained in the form of independent deposit units subject to maintenance of three units at a time. The profit is paid on monthly basis reckoned from the date of the deposit of respective unit.

The pensioners of Federal Government, Provincial Governments, Government of Azad Jammu & Kashmir, Armed Forces, Semi Government and Autonomous bodies are allowed to invest.

These accounts can only be opened at the National Savings Centres (NSCs) by applying on a prescribed form called DA-1, available at the NSCs free of cost accompanied with a photocopy each of the Computerized National Identity Card (CNIC) and Pension Book / Pension Payment Order. To download application form in editable Adobe Acrobat format, please click here.

The account can be opened by depositing cash or by presenting a cheque/draft at the NSC. The account is opened immediately on receipt of cash. However, in case of deposit through cheque/draft, the account is opened with effect from the date of realization of the cheque/draft after receipt of the clearance advice.

What Is the Investment Limit.

The minimum investment limit is Rs.10,000/-, whereas, the maximum limit is Rs.3,000,000/-. If an investor has already opened an account with a single deposit, he is eligible to make only two subsequent deposits in that account.

The deposits can be withdrawn any time subject to deduction of service charges at the following rates:

if withdrawn before completion of one year from the date of deposit.	@ 1.00% of the principal amount
if withdrawn after one year but before completion of 02 years from the date of deposit.	@ 0.75% of the principal amount
if withdrawn after two years but before completion of 03 years from the date of deposit.	@ 0.50% of the principal amount
if withdrawn after three years but before completion of 04 years from the date of deposit.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If withdrawn after completion of 04 years	No Service charges

Note: A receipt of the service charges so deducted, duly signed by the officer incharge and the cashier, shall be issued to the investor.

As per prevailing rates monthly profit of Rs.1180/- is paid on investment of each Rs.100,000/- made on or after 01.07.2009. This way the profit rate works to 14.16% p.a. Automatic reinvestment of profit to earn further profit is not admissible in the scheme; however, further profit is paid on undrawn profit at the rate applicable on Savings Account.

The withholding tax is not collected at source on the profit earned on the deposits made in the scheme. The investment made in the scheme is also exempt from Zakat.