IDFC FIRST Bank has received approval from the Central Pension Accounting Office (CPAO), Government of India, to distribute pensions to central government pensioners.
This approval means that the bank will now handle pension payments for a range of individuals, including former MPs, retired officers of All India Service, former judges of the Supreme Court and High Courts, former Presidents and Vice Presidents, and retired officers from central ministries and departments (except railways, post, telecom, and defense).
Facilities for Pensioners
Direct Pension Deposit: Pension payments will be directly credited into the pensioner’s IDFC FIRST Bank savings account.
Account Flexibility: Pensioners can open a joint account with their spouse, ensuring that family pensions continue seamlessly.
Special Savings Account Facilities:
Zero Charges: No charges on 36 banking services, including Debit Cards, IMPS, NEFT, RTGS, Cheque Books, ATM withdrawals, etc.
Cyber Insurance: Senior citizens will receive cyber insurance worth Rs 2 lakh.
Health & Banking Services: Unlimited online health consultations, free doorstep banking, and priority service.
FD Benefits: Senior citizens will receive an additional 0.5% interest on fixed deposits (FDs) and enjoy no penalty for premature FD closure.
How to Get Pension
To receive their pension through IDFC FIRST Bank, pensioners need to share their account details with their department or employer. This will allow pension payments to be initiated through CPAO.
This move will simplify pension distribution for a large group of pensioners, offering them enhanced banking services and special benefits.
