HDFC Bank Pension saving bank account
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HDFC Bank Pension saving bank account
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- Account Type
- Saving Account
- Minimum balance
- ZERO
- Daily withdrawal limit
- Free
- Free debit card
- Free
- Funds transfer facilities
- Free
- Auto sweep FD facility
- N.A.
Features and Benefits of HDFC Bank Pension saving bank account
- The Pension Saving account is a Zero Balance Account.
- Timely credit of receivables
- Free International Debit Card.
- Enjoy facilities such as NetBanking, PhoneBanking, BillPay, ATM facility, inter-city and inter-branch banking.
- Pension Accounts are transferable from one branch/bank to another as per the process laid down by the pension authorities
- The HDFC Bank advantage
- Pension Accounts are opened immediately after advice, and deliverables reach in time- within the 1st and 5th of the new month (in case of EPFO) and last day of the month (in case of Central Govt. Civil Pensions).
- Timely communication to the customer on receipt of the PPO.
- No delays in commencement of pension disbursals (subject to all the stipulated terms/conditions are fulfilled by the pensioner).
- Timely issue of Form- 16A (by April 15th) for tax deducted at source in the immediately previous financial year.
- Timely application of revisions due to changes in rates of Pension or Dearness Allowance.
- Immediate action in case family pension devolves to the spouse.
Documents Required for HDFC Bank Pension saving bank account
- All employees of central government and civil ministries who are covered under the Central Government Civil Pension Scheme operated by Central Pension Accounting Office, Department of Expenditure and Ministry of Finance.
- All the employees of an establishment with a workforce strength of more than 20 (including contract employees) and who have opted to be members of the EPS 95 scheme.
- Existing members of "Member of Employees" Family Pension Scheme.
- Procedure & Operation
- A Pension Salary Account can only be opened in an individual's name.
- The account can be opened up to two months before the date of retirement.
- The details of your HDFC Bank Pension Salary Account will have to be furnished to your employer.
- After retirement, the RPFC/CPAO will forward the Pension Payment Order (PPO) to our designated office.
- You will then receive intimation to complete documentation at the designated branch.
- After the pensioner's portion of the PPO is handed over, the pension will start getting credited to your account every month.
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