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by Senior Citizens Saturday, May 23, 2015 0 comments

Banking System Introduced For Senior Citizens

KARACHI: Banking system offered monthly savings account for senior citizens a decade ago is still helping them a lot.

Pakistan has a huge number of bank operating in various cities. They all serve to offer good quality services to their customers, which are currently working and are offering different packages to all its customers for children, youngsters and seniors.

The banking system in Pakistan has a long history for its success and their dynamic functions. Many banks are offering different packages to senior citizens and are also providing different facilities. The main aim is to empower the senior citizens to lead their life independently and can have their saving habits. They get special offers and discounts that help them to lend their life easily especially for the people who are living alone. The main advantage is also that there is no deduction for Zakat or other taxes. These accounts offer convenience and financial independence to senior citizens. They have no life insurance that is covered. These packages also offer benefits of free A.T.M cards, utility bills and payment facilities. They are now striving for more valuable packages for senior citizens and trying to give them more facilities.

When asked about what their bank offers to the senior citizens, A manager of a private bank said that they offer a monthly savings account for senior citizens from the ages of 60 and above. There is no minimum deposit value. They offer an interest rate is 6.5% per annum. Other benefits include a free online banking system and there are no deductions made like zakat etc. upon depositing the money they are given 90 % loans as well. They also offer a monthly profit which means higher the savings likewise higher will be the returns. There is no limit for the withdrawal of money or funds. Apart from these facilities, they don’t keep senior citizens waiting in the line and serve them first. They also have wheelchair ramps apart from stairs, for people who are unable to walk.

But even then the senior citizens are facing many problems, in the main branches they have their different counters so they are not made to wait however, this facility is not provided in small branches because they have only 2 to 3 counters and there is not too much space to expand their counters. But, the banks are trying to overcome all the problems that are faced by these people. The customers are more or less satisfied. On average 6 to 7% interest rate is being offered to senior citizen in Pakistan but we see that internationally the interest rate is 2 to 3%. But further a 4 to 5% of decline is needed to meet international standards, which is only possible if the economy progresses in the near future.