Furnish Life Certificate in Nov every year: Govt to pensioners

<g data-gr-id="59">Government</g> on Friday asked pensioners and family pensioners to furnish their 'Life Certificate' in the prescribed <g data-gr-id="41">pro-forma</g> in November every year to their respective banks.

"The pensioners should indicate their present address, telephone numbers (including mobile number) and email ID (if available) on their respective Life Certificates in order to enable banks to provide them (pensioners) better services," the Finance Ministry said in a statement.

Banks make pension payments on behalf of the government to the retired employees of Central and State Governments, Defence and Railways, and others. All pension payments are subject to rules and procedures prescribed by the government(s), RBI and the concerned departments/organisations from time to time. As per the SBI website, a pensioner can open an account with cheque book facility and also give nomination in his pension account. The life certificates can be issued by RBI or Public Sector Bank Officers and officers at the pension paying branch, the website added. Pension accounts are allowed 50 per cent concession in minimum balance requirements as well as service charges on the same.

Meanwhile, Pension Fund Regulatory and Development Authority (PFRDA) has asked non-bank Points of Presence (POPs) to promote National Pension System(NPS) as it provides exclusive tax benefits on investments of Rs 50,000.

“POPs can play a vital role in <g data-gr-id="43">on-boarding</g> corporates in the NPS system and facilitating private sector employees in opting for NPS,” PFRDA member R V Verma said. While addressing roundtable with PoPs, he said NPS being a <g data-gr-id="53">low cost</g> product, it has a vast potential in the private sector and the POPs should develop strategies to tap this huge opportunity.

He also advised POPs to tap the potential which has been created due to the availability of exclusive tax benefits on investment of Rs 50,000 in NPS.