ANIMATION

  • FLASH

  • WATCH THIS BLOG REGULARLY FOR LATEST NEWS ON ONE RANK ONE PENSION & OTHER SERVICE BENEFITS RELATING TO EX-SERVICE PENSIONERS,CENTRAL GOVT PENSIONERS,LIC/GIC PENSIONERS* A UNIQUE BLOG WITH MORE THAN 1 CRORE VIEWERS & 700 FOLLOWERS #

    FLASH

  • FlashFLASH* NAVAL SAILORS WHO JOINED ON OR BEFORE 03/07/1976 & DISCHARGED ON COMPLETION OF THEIR TERM OF ENGAGEMENT AFTER 10 YEARS ARE ELIGIBLE FOR SPECIAL PENSION AS PER SC JUDGEMENT IN CIVIL APPEAL 2147/2011 New **** L*OROP CASE NEXT HEARING LIKELY ON 05/09/2017
  • New











    .
  • Tuesday, 14 March 2017

    TRANSFER OF PENSION TO BANK OF YOUR CHOICE


    PORTABILITY OF PENSION ACCOUNTS
    Subject: Shifting your pension account from the present Bank to the Bank of your choice: The Steps
    For information of those who may be contemplating changing their Pension Accounts, given below is the sequence, given by a veteran who has just finished the procedure and has now fully understood through hindsight, after personally witnessing what happened at each stage.  (a) The pensioner writes a simple one-page letter to his own branch, stating:
     Dear Sir,
       Sub: Pension Account No. xxxxxxxxxxx 
       I wish to start receiving my pension at XYZ Bank, (give new bank’s name and address) with immediate effect.
     I have opened a joint SB Account No. xxx with my spouse at that branch for this purpose. Please transfer my pension to my new bank.”
        Notes:
       1 No copies need to be sent to anyone else nor any enclosures are required with the above letter. I had enclosed copies of my PPOs and endorsed copies of the entire package to PCDA (P), HDFC Bank and
     Central Pension Processing Centre of SBI. This was later proved to be a waste because none of these agencies took any action on the letter or the copies. Nor was any action needed on their part at that stage.
       2 Your bank most probably will not know what to do with your letter. You have to tell them that they need to convey your request to the Central Pension Processing Centre (CPPC) of your bank, and forward your application to them.
       3 It may be noted that the pension disbursing branches do not have any documents such as PPOs, joint photos etc. with them. These are all now retained at the CPPCs of each bank.
           (b) The CPPC will forward your request back to your bank along with all the PPOs and connected documents, which they initially received from PCDA(P) at the time of first grant of pension when you retired from service.
       (c) Your Bank will now send the entire bundle to your new bank with a request to take necessary action to credit the pension to the pensioner’s account. Please ensure that your old bank sends the Last Pension Certificate along with these documents.
       (d) On receipt of documents, your new bank will send the same to their CPPC.
       (e) Your new bank’s CPPC will examine the papers and may ask for additional undertakings, indemnities etc, as per their protocol. In my case HDFC Bank’s CPPC (not the branch) knew exactly what they
      wanted.
       (f) Your bank’s CPPC will process the papers (mainly to coordinate book transactions and heads of expenditure between treasury and the bank) and then credit your pension directly to your new bank account along with arrears accrued after the last pension was paid to you by the old bank. This takes about 2-3 weeks.
       (g) Though not written anywhere, it is highly advisable to intimate PCDA(P) regarding change of your bankers so that all future PPOs, corrigenda, increments, revisions and DA intimations etc are sent by
     them to your new pension bankers.
       (h) This is also a good opportunity to send the Lifetime Arrears Certificate to your new bankers, CDA(P), AG’S Br etc.
       (i) Please ensure that the account opened at the new bank is a joint account and has a nominee recorded on it.
      (j) Please also complete the formalities of internet banking operation for the new account, and get it linked to other accounts, if any, at the new branch.
     

    7 comments :

    1. Thank you MBC Sir for explaining in simple easy steps for every one to follow. I am considering this change.
      Francis Pereira Ex CPO

      ReplyDelete
    2. Tuesday, 14 March 2017

      TRANSFER OF PENSION TO BANK OF YOUR CHOICE


      PORTABILITY OF PENSION ACCOUNTS

      Subject: Shifting your pension account from the present Bank to the Bank of your choice: The Steps

      For information of those who may be contemplating changing their Pension Accounts, given below is the sequence, given by a veteran who has just finished the procedure and has now fully understood through hindsight, after personally witnessing what happened at each stage.  (a) The pensioner writes a simple one-page letter to his own branch, stating:

       Dear Sir,

         Sub: Pension Account No. xxxxxxxxxxx 
         I wish to start receiving my pension at XYZ Bank, (give new bank’s name and address) with immediate effect.
       I have opened a joint SB Account No. xxx with my spouse at that branch for this purpose. Please transfer my pension to my new bank.”
          Notes:
         1 No copies need to be sent to anyone else nor any enclosures are required with the above letter. I had enclosed copies of my PPOs and endorsed copies of the entire package to PCDA (P), HDFC Bank and
       Central Pension Processing Centre of SBI. This was later proved to be a waste because none of these agencies took any action on the letter or the copies. Nor was any action needed on their part at that stage.
         2 Your bank most probably will not know what to do with your letter. You have to tell them that they need to convey your request to the Central Pension Processing Centre (CPPC) of your bank, and forward your application to them.
         3 It may be noted that the pension disbursing branches do not have any documents such as PPOs, joint photos etc. with them. These are all now retained at the CPPCs of each bank.
             (b) The CPPC will forward your request back to your bank along with all the PPOs and connected documents, which they initially received from PCDA(P) at the time of first grant of pension when you retired from service.
         (c) Your Bank will now send the entire bundle to your new bank with a request to take necessary action to credit the pension to the pensioner’s account. Please ensure that your old bank sends the Last Pension Certificate along with these documents.
         (d) On receipt of documents, your new bank will send the same to their CPPC.
         (e) Your new bank’s CPPC will examine the papers and may ask for additional undertakings, indemnities etc, as per their protocol. In my case HDFC Bank’s CPPC (not the branch) knew exactly what they

        wanted.
         (f) Your bank’s CPPC will process the papers (mainly to coordinate book transactions and heads of expenditure between treasury and the bank) and then credit your pension directly to your new bank account along with arrears accrued after the last pension was paid to you by the old bank. This takes about 2-3 weeks.
         (g) Though not written anywhere, it is highly advisable to intimate PCDA(P) regarding change of your bankers so that all future PPOs, corrigenda, increments, revisions and DA intimations etc are sent by
       them to your new pension bankers.
         (h) This is also a good opportunity to send the Lifetime Arrears Certificate to your new bankers, CDA(P), AG’S Br etc.
         (i) Please ensure that the account opened at the new bank is a joint account and has a nominee recorded on it.
        (j) Please also complete the formalities of internet banking operation for the new account, and get it linked to other accounts, if any, at the new branch.
       

      Mr.M B Chandran Menon Sahib

      Sir could you please clarify the following? The ex-servicemen who served the army for 6 or 9 years only and resigned from service on Compassionate ground. Are they entitled or eligible for any types of pension. If yes, then please write the letter Number or PCDA Circula Number. Thanks and regards.

      ReplyDelete
    3. Hi Mr.MB Chandran Menon, I'm Nagaraju Naval Veteran, living in Rajahmundry Andhra Pradesh. You have posted a nice and useful information. Thank you.

      ReplyDelete
    4. What is the procedure to transfer the account from SBI to POSTAL DEPT.

      ReplyDelete
    5. RESPECTED MBC SIR,

      I ONLY WANT TO KNOW IF I CAN REMOVE THE NAME OF MY SPOUSE FROM MY PPO, THEN WHAT SHOULD I DO? BECAUSE, SOME LEGAL PROCEEDINGS IS GOING ON IN REGARDS WITH SEPARATION BETWEEN US, ALTHOUGH THE CASE IS NOT SO FAR CLOSED OR NO JUDGEMENT HAS COME YET. PLS ADVICE ME IN THAT CASE. SIR, IF YOU COULD PLS LET ME KNOW AT sujitkumarpaul1976@gmail.com. THANK YOU SIR.

      ReplyDelete
    6. THANKS Sgt Menon saib giving good information.

      ReplyDelete
    7. Mr.M B Chandran Menon Sahib

      Sir could you please clarify the following? The ex-servicemen who served the army for 6 or 9 years only and resigned from service on Compassionate ground. Are they entitled or eligible for any types of pension. If yes, then please write the letter Number or PCDA Circular Number.

      Thanks and regards.
      Waiting for your reply.

      ReplyDelete