Pensioners alert! Want to enjoy tension free life? Must know these basic rules
You don't need to open a separate account for pension. You can use the existing account for receiving pension. Pension accounts can be transferred to another branch or a different bank
If you are a pensioner or a few years away from your retirement, you must do these things to lead a carefree life during your retirement period. There are certain important things that you must keep in mind. These measures are recommended by the Reserve Bank of India (RBI) for increasing financial literacy among the senior citizens. We will encapsulate it for you.
1) You don't need to open a separate account for pension. You can use the existing account for receiving pension. Pension accounts can be transferred to another branch or a different bank.
2) Never forget to submit your ‘Life Certificate’ to your bank branch in November, every year and obtain a duly signed acknowledgement receipt of the same from the concerned bank. In case a pensioner is unable to obtain a Life Certificate on account of serious illness/incapacitation, a bank official will visit his/her residence/hospital for the purpose of obtaining the Life Certificate.
3) You can also get a Digital Life Certificate or 'Jeevan Pramaan' by visiting www.jeevanpramaan.gov.
4) The banking regulator has instructed receiving banks to promptly update the same in the Core Banking Solution (CBS) system to avoid any delay in credit of pension.
5) RBI has enabled all KYC-compliant accounts to automatically get converted into ‘Senior Citizen
Accounts’ on the basis of date of birth maintained in the bank’s records.
6) The Reserve Bank of India has taken several initiatives to give a hassle free banking experience to the senior citizens. The banks have been advised to provide a clearly identifiable dedicated counter or a counter which provides priority to senior citizens and people who are differently-abled including visually impaired persons.
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Among other measures, the regulator has also instructed the banks to not only collect your life certificates from your homes, but also cater to your basic banking needs including pick up and delivery of cash.
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