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.