Title: New Welfare Card Initiative Launches to Support Retirees and Pensioners
In a move designed to bolster household purchasing power and support domestic production, the Bank Refah Kargaran has introduced a new welfare card scheme specifically for retirees and pensioners. This initiative provides a substantial line of credit, enabling participants to purchase essential domestic goods through manageable installment plans.
A Boost for Households and Domestic Industry
The newly launched welfare card is a financial instrument linked to government securities (GAM). Its primary objectives are twofold: to alleviate financial pressure on families by facilitating the purchase of essential and durable goods, and to channel consumer spending towards Iranian-made products, thereby providing a direct stimulus to the national economy.
Eligibility and Access
The program is available to retirees, pensioners, and employees who receive their salaries through the Bank Refah Kargaran. Eligible individuals can apply at designated bank branches. Upon issuance of the card, holders gain the ability to make purchases at affiliated retail stores, with the cost of goods being converted into a convenient installment plan.
Key Features of the Welfare Card
- Credit Limit: The card offers a flexible credit range, with a minimum limit of 100 million Rials and a maximum of up to 5 billion Rials.
- Profit Rate: The scheme carries a highly competitive profit rate of just 5 percent.
- Guarantor Requirement: In a significant facilitation for beneficiaries, obtaining this card does not require a guarantor.
- Repayment Period: Cardholders have a maximum of 24 months to repay the credit, allowing for careful financial planning and budgeting.
- Installment Structure: The repayment schedule is designed with a declining installment plan. For example, the first installment may be 25 million Rials, reducing to 12.5 million Rials by the thirteenth installment, with an average monthly payment calculated at approximately 22.7 million Rials.
This comprehensive initiative reflects a strategic effort to enhance social welfare and economic resilience, directly supporting the financial well-being of retirees and pensioners while concurrently strengthening the domestic market.