Through this product paper, we would like to introduce another new saving account “Samajik Surakchhya Saving Account”. A year ago, the government has implemented a policy to distribute allowance to a specified group of people which includes senior citizens, widow, differently able citizens (partially and fully disable citizens), etc. (specified by the government) through bank and financial institutions. So, to distribute the allowance from the government to people this account is designed.
As per the guideline on Social Security Program, the distribution of social security allowance shall be done by opening an individual savings account in the name of the beneficiary. A particular bank is nominated to cover ward(s) of particular Village Assembly Committee/ Municipality. The bank shall enter into an agreement with the Village Assembly Committee/ Municipality or District Development Committee after the allocation of a particular ward. On the basis of ward allocations, the bank will distribute the allowance to the specified group of people.