Relax Savings Planner from People's Bank

The People's Bank has introduced the People's Relax Savings Planner to brighten the retired life of today's youth.

With People's Relax Savings Planner, the Bank is ready to build a retirement fund with your savings and offer retirement benefits from a pre-designated age of your choice.

Anyone between the ages of 18 and 65 can open a People's Relax Savings Planner and enjoy its retirement benefits at any age such as 50, 55, 60 or 65. You are given a choice to receive a lump sum retirement fund or a monthly income during a period of your choice (10-30 years). The value of the retirement fund built by monthly savings is the decisive factor of your future retirement benefit and the age of retirement. The method of receiving a monthly retirement allowance and duration can be decided at the time of opening the account.

The retirement fund should be built by periodically depositing your savings until reaching the agreed age of retirement.

Whenever, you receive extra funds, you can enhance the retirement fund further by depositing that money in the account. Even in the event of failing to deposit money on a particular month, you can continue to deposit from the following month onwards. The balance of your retirement gratuity fund, ETF or EPF can be deposited as a lump sum to open the account.

The retirement fund will grow depending on the amount of monthly deposits and the monthly interest.

For example, if a 35-year-old customer opens an account with a monthly savings of Rs. 5,000 chooses to receive a retirement benefit at the age of 55, he or she will have a total retirement fund of Rs. 2,321,755.50.