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Can Pension Account be Transferred?


Can pension account be transferred?

Can a Pensioner Transfer his/ her Pension Account from one Branch to another Branch?
CENTRALISED PENSION PROCESSING CENTER

Payment of Pensions to Central Government and State Government Pensioners through Centralized Pension Processing Cell (CPPC)

Frequently Asked Questions and Answers

6. What should a retiring person, who already draws his/ her pension from a Branch of another Bank, do to draw pension from a SBI Branch? Ans: The pensioner should open an account with a convenient SBI Branch and request his/ her existing banker to send the pension papers to the concerned Govt. authorities for onward submission to concerned CPPC of SBI for pension processing.

7. Can a pensioner transfer his/ her pension account from one Branch to another Branch of the same Bank or to the Branch of another Bank? Ans: (a) Pensioner can transfer his/ her pension account from one Branch to another Branch of the same Bank within the same centre or at a different centre; (b) He/She can also transfer his/ her account from one authorized Bank to another authorized Bank at different centre.

8. Can a pensioner open a Joint Account with his/ her spouse? Ans: Yes. All Central Government Pensioners and those State Governments which have accepted such arrangement can open Joint Account with their spouses.

9. Whether Joint Account of the pensioner with spouse can be operated either by ”Former or Survivor” or “Either or Survivor”. Ans: The Joint Account of the pensioner with spouse can be operated either by ‘‘Former or Survivor” or “Either or Survivor”.

10. What is the procedure to be followed by the Bank Branch if the pensioner is handicapped /incapacitated and is not in a position to be present at the paying branch? Ans: If the pensioner is physically handicapped/incapacitated and unable to present at the branch, the requirement of personal appearance is waived. In such cases the Bank official visits the pensioner’s residence/hospital for the purpose of identification and obtaining specimen signature or thumb/toe impression.

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