Joint checking account not necessary for partner pension, says govt

Joint checking account will not be necessary for partner pension, the federal government mentioned on Saturday.

Union Minister of State for Personnel, Public Grievances and Pensions Jitendra Singh mentioned the Narendra Modi authorities has at all times sought “ease of dwelling” for all sections of society together with retirees and pensioners who’re the nation’s belongings with all their expertise and lengthy years of service rendered by them.

He mentioned in case the top of workplace is glad that it isn’t doable for the retiring authorities servant to open a joint account along with his or her partner for causes past his or her management, this requirement could also be relaxed, an official assertion mentioned.

All banks disbursing central authorities pension have been suggested that in case the partner (household pensioner) opts for the prevailing joint checking account for credit score of household pension, banks mustn’t insist on opening a brand new account, it mentioned.

A joint checking account with partner is nonetheless fascinating and it’s to be opened with their partner in whose favor an authorisation for household pension exists within the Pension Fee Order (PPO), mentioned the assertion issued by the Personnel Ministry.

Operation in these accounts could be on “former or survivor” or “both or survivor” foundation as desired by the pensioner, Singh mentioned.

The explanation for opening of joint checking account is to make sure that household pension could also be commenced with none delay and the household pensioner will not be subjected to any hardships for opening of a brand new pension checking account, the assertion mentioned.

This additionally ensures minimal documentation for the household pensioner whereas submitting request for graduation of household pension, it mentioned.

(Solely the headline and film of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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