Title: New Banking Initiative Aims to Boost Economic Participation for Employees and Pensioners
Tehran – In a significant move to enhance economic welfare and purchasing power, Refah Bank has launched a new financial program, the “500 Million Rial Welfare Card,” specifically designed for employees and social security pensioners.
A Strategic Financial Instrument
The new Welfare Card is a loan program linked to “Gavvam” bonds. The initiative is designed to provide a substantial line of credit to beneficiaries, enabling them to make purchases at a network of pre-approved retail partners. Transactions are settled directly by the bank through the issuance of Gavvam bonds to the merchants, a process that facilitates financial fluidity within the designated economic ecosystem.
Phased Roll-Out and Eligibility
The program is being implemented in a structured, two-phase approach.
- Phase One: The initial phase targets a specific demographic, including retirees, laborers, and public sector employees who receive their salaries or pensions through Refah Bank.
- Phase Two: The bank’s CEO has announced that a subsequent phase, planned for the coming year, will extend eligibility to all holders of Gavvam bonds, significantly widening the program’s reach.
Prospective applicants are advised that the card is not available at all bank branches and must apply through officially designated Refah Bank locations.
Supporting Domestic Production and Household Economies
A core requirement of the Welfare Card program is that all purchases must be made at contracted stores that supply Iranian-made products. This condition aligns the initiative with broader economic objectives of stimulating domestic manufacturing and supporting local industries.
The loan features a 24-month repayment period with a stated profit rate of 5 percent. Financial experts have highlighted that the program is poised to play an effective role in strengthening the purchase of domestic goods while simultaneously increasing the purchasing power of working-class and retired households.
By channeling financial resources directly towards consumer spending on Iranian products, this initiative represents a targeted effort to reinforce the national economic framework.