PORTABILITY OF PENSION ACCOUNTS - Indian Military Veterans

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    Veterans Welfare Latest News & 
    Updates on various issues 
    related to


    Tri Services Pension – SPARSH -OROP

      ECHS - CSD 


    Pay Fixation and Service/Pension Rules
    as per orders & Instructions of Govt of India.


    Purpose of this website


                 Pensioners of the Armed Forces  are different from  pensioners of  other departments of the Government of India. Some rules and regulations apply to public services. In order to sensitize them about the various rules, regulations, government programs related to ex-servicemen and the various social assistance programs for families of ex-servicemen, we refer to the government instructions on this subject. , published information on related topics. Here, we will discuss SPARSH, CSD, ECHS, OROPfamily pension, disability pension, Service pension, re-employment with life certificate and other welfare activities  to increase the awareness of beneficiaries. 

    Regards,
    KS RAMASWAMY 
    Editor

    Apr 3, 2016

    PORTABILITY OF PENSION ACCOUNTS

    Indian Military Veterans
    Dear all,

    I am herewith forwarding a message regarding Shifting your pension account from the present Bank to the Bank of your choice: The Steps.This may help some time or other so kindly save it.

    PORTABILITY OF PENSION ACCOUNTS



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

    To: veteransindia <veteransindia@googlegroups.com>


    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:

    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, PCDA(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.

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