Pensioner’s Charter

IDFC FIRST Bank is authorised by the Central Pension Accounting Office (CPAO), Government of India to disburse Central Civil Pensions.

• The Pensioner must open a Pension Savings Bank Account at any branch of the Bank to draw his/her pension and all other pension-related benefits admissible to him/her.

• The Pensioner can open a single account in his/her name or joint account with his/her spouse in whose favour an authorisation for family pension exists in the Pension Payment Order (PPO). The Pensioner may operate the account jointly with the spouse either by “former or survivor” or “either or survivor” basis. Upon the Pensioner’s demise, the family Pensioner shall use the same joint account for the credit of the family pension.

• A pension account cannot be operated by a holder of a ‘Power of Attorney’, except in the case of the account belonging to the former President/Vice President of India or of the spouse of deceased President/Vice President.

• Pensioner’s account will receive monthly pension credit by the last working day of the month except for the month of March which is payable only on or after 1st working day of April. Pensioner shall receive Dearness Relief (DR)/Dearness Allowance (DA) from time to time as notified by the Government of India.

• Income tax at the prescribed rate is deducted from the pension amount and the net amount is payable to the Pensioner’s account as per the income tax guidelines, if applicable.

• Pensioner will be issued TDS Certificates (Form 16) that is deducted by the Bank, if applicable.

• Pensioners can collect a ‘Due and Drawn’ statement from the branches for any pension arrears received.

• The pension accounts can be transferred at the request of the Pensioner from one bank to another bank as per the guidelines of the pension sanctioning authority.

• The pension accounts can be transferred at the request of the Pensioner from one branch of the Bank to another.

• The commuted value of the pension will be restored 15 years after the date of payment of the commutation.

• The commuted portion of pension is not to be deducted from the family pension.

• Pensioner can submit an undertaking for recovery of excess pension, consent letter in case of joint holder and nomination form for arrears of pension and commutation of pension, if requested by the Bank. These documents can be submitted at any IDFC FIRST Bank branch.

• Pensioner will be handed over Pensioner’s portion of the PPO at the branch if the Pensioner opted to receive PPO through IDFC FIRST Bank’s branch. There are cases wherein the Pensioner’s portion is handed over directly to the Pensioner from the pension sanctioning authority as well.

• In the event of the death of the Pensioner, Family Pension will be disbursed to widow/husband/ differently abled child/siblings or parents as indicated in the PPO and after observing the prescribed formalities.

• The Pensioner’s nominee will receive Payment of Life Time arrears in case of the death of the Pensioner as specified in the nomination form.

• In case if Life Time arrears nomination had not been submitted by the Pensioner during

his/her lifetime. Legal heir(s) of Central Govt. Pensioner may get the Life Time Arrears on

submission of the following documents:

    o Pensioner’s death certificate

    o Legal heirship certificate

    o Pensioner’s portion of PPO

• An additional pension/family pension is payable to pensioner on attaining the age of 80 years. The additional pension payable is as follows:

• Pensioner can submit yearly certificates [Life certificate, employment/re-employment certificate, re-marriage certificate (for family pension)] through IDFC  FIRST Bank in the month of November. Pensioners aged 80 years and above shall submit their yearly certificates (Life certificate, employment/re-employment certificate, re-marriage Certificate (for family pension) w.e.f. October 1 every year instead of November which would be valid till November 30, of the subsequent year.

• In case a pensioner is seriously ill or incapacitated and is unable to physically visit a branch, a life certificate in the prescribed form in Annexure –XIII may be submitted by the pensioner, and in such cases, the pensioner is not required to visit the branch.

• Bank will compensate the Pensioner in case of any delay in crediting pension/arrears thereof at a fixed interest rate of 8% per annum for the delay after the due date of payment and the compensation shall be credited to the Pensioner’s account automatically without any claim from the Pensioner on the same day when the Bank affords credit for revised pension/pension arrears.

• Pensioners can raise a grievance for Pension here: 
https://www.idfcfirstbank.com/customer-care-sr/customer-service