Single pension account as Joint account with Son or Daughter.
Dear Veterans,
A query was raised that if an Ex-Servicemen with joint pension account with his wife passes away, the account becomes single account with wife becoming the pensioner. But it is not permitted to convert such a single pension account as Joint account with Son or Daughter.
The banks say that only spouse can be joint pension account holder.
Not even son or daughter can be joint account holder if one of the parents pass away.
If an Ex-Servicemen and his wife are alive, they have a joint pension account in the bank. But say the Ex-Serviceman dies then the wife gets her family pension. In that case the banks do not permit the son or daughter to be a joint account holder. In such a case the only option left now is to have the son or daughter as the nominee to get benefit of credit balance next day of death of parent. Arrears of OROP may come few months later. In such a case to get OROP arrears, the parent pensioner while she is still alive has to apply to the bank by submitting LTA from A to nominate son or daughter as the beneficiary of OROP arrears.
warm regards,
Exp:55%
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