BusinessWire India
Mumbai (Maharashtra) [India], April 2: IDFC FIRST Bank today announced that it has been authorised by Central Pension Accounting Office (CPAO), Government of India, to disburse pensions on its behalf.
This allows the Bank to disburse pensions to Central Government pensioners including - All India Service Officers, former Members of Parliament, retired Judges of High Courts and Supreme Court, former Presidents and Vice Presidents of India, and officials of Civil Ministries and Departments (other than Railways, Posts, Telecom and Defence). Pensioners can now receive their pension directly in their IDFC FIRST Bank Savings Account.
From a technical point of view, the integration between the CPAO, GOI and IDFC FIRST Bank is complete and is ready for such pension disbursements.
Pensioners can also open an IDFC FIRST Bank Savings Account jointly with their spouse to receive pension. In the event of the primary pensioner's demise, the spouse can continue receiving the family pension in the same account.
The IDFC FIRST Bank Savings Account where the pension will be credited comes with the following privileges:
1. Zero Fee Banking on all Savings Account Services, such as Debit Card Issuance, IMPS, NEFT and RTGS, Cheque Book Issuance, ATM Cash withdrawal, Branch cash withdrawals and deposits, Demand Drafts, Pay order, SMS Alerts, international ATM charges - 36 such services
2. Higher interest rates with Monthly Interest Credits
3. Exclusive Senior Citizen Savings Account benefits for pensioners above 60 years, offering:
* Rs. 2 lakh Cyber Insurance coverage for protection against cyber fraud
* One-year MediBuddy health membership with unlimited consultations
* Free doorstep banking and priority service at branches
4. ZERO penalty for premature withdrawal of Fixed Deposits for Senior Citizens
5. Additional 0.5% interest on Fixed Deposits for Senior Citizens
Speaking on the development, Mr. Chinmay Dhoble, Country Head - Retail Liabilities at IDFC FIRST Bank, said, "We are delighted that the esteemed Central Pension Accounting Office (CPAO), Government of India has authorized our bank to disburse pensions to Central Government pensioners. As a universal bank, it is our constant endeavour to offer a complete range of services to our customers. We encourage Central Government pensioners to use the facilities of IDFC FIRST Bank to receive pension in their Savings Account and enjoy industry-first benefits."
To open the pension account >
Step 1: Pensioner to share IDFC FIRST Bank Account Number with their employer
Step 2: The employer to initiate the formalities with the respective Pay & Accounts Office (PAO)
Step 3: PAO to generate the Pension Payment Order & forward it to CPAO
Step 4: CPAO on acceptance will share details with IDFC FIRST Bank for monthly disbursement
You may visit us at: www.idfcfirstbank.com
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