Pension Savings Account – Axis Bank

Pension Savings Bank Account, from Axis Bank is specifically, designed for Pensioner’s (Existing & Prospective) of Central Govt. Civil Ministries/ Departments & Defence Ministry keeping in mind the fact that a Pensioner’s banking requirements are wholly different and require special consideration.

Benefits

• Timely communication to the customer on receipt of the PPO
• No delays in commencement of pension disbursals – The Bank is handling the disbursement of Pension under a Centralised Pension Disbursement Module wherein the Pensioner records are credited centrally through its Centralised Pension Payment Hub (CCPH) at Mumbai.
• Timely issue of Form- 16A for tax deducted at source in the immediately previous financial year
• Timely revisions based on changes in rates of Pension or Dearness Allowance, done centrally from the CCPH

Features

• Zero Balance Savings Account
• Anywhere Banking – Available at all centers
• Free Multi-city At Par Cheque Books
• Free monthly e-statement
• Free International Debit-cum-ATM Card for the primary & Joint holder. The account can be opened jointly only with spouse.
• Personal Accident Insurance Cover of Rs. 2 lakhs [To keep your personal accident insurance cover activated, you should have made a purchase transaction in 365 days prior to the day of the incident & should have maintained an average quarterly balance of Rs 5,000 (urban & metropolitan branches) or Rs 2,500 (rural & semi-urban branches) as the case may be in the two quarters before the date of the incident.]
• Free Payorder & Demand Draft
• Internet Banking – Available through “iConnect”
• Tele-banking – Free, Available 24 hours at select centers
• Mobile Banking Facility
• Demat Account – Account opening charges waived
• Safe Deposit Lockers – Preferential allotment

Eligibility

• 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 employees of Armed Force (Army, Navy & Air Force) under Ministry of Defence who are covered under the Defence Pension Scheme operated by Pension Sanctioning Authority/Defence Unit.
• 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.

The identity of the Pensioner is to be established through Pension Payment Order (PPO) issued by the concerned Pension Paying Authority.

Procedure & operation

The Pension Savings Accounts can be Single or Joint Bank Accounts. Pension is not permitted to be paid by cash, however, Standing Instructions may be accepted and chequebook may be issued.

• For Prospective Pensioners

This facility can be availed by opening a Pension Savings Bank Account with any authorised Axis Bank Branch and providing the Account details to the Pay & Accounts Office (PAO) of the concerned Central Govt. Civil Ministry/ Departments or Pension Sanctioning Authorities (PSA’s) in case of Defence Units prior to retirement.

• For Existing Pensioners

This facility can be availed by opening a Pension Savings Bank Account with any authorised Axis Bank Branch and thereafter following the necessary procedures prescribed by CPAO (in case of Central Govt. Civil Ministries/ Departments) or Ministry of Defence for change of Bank for Pension Account for receiving/ drawing pension.