IDFC First Bank gets permission to disburse Pension to Govt Staff, MP, President, Judges
IDFC FIRST Bank has been authorized by the Central Pension Accounting Office (CPAO), Government of India, to disburse pensions to central government retirees.
The bank will manage pension payments for retired All India Service Officers, former MPs, ex-Presidents and Vice Presidents, retired High Court and Supreme Court judges, and officials from civil ministries and departments (excluding Railways, Posts, Telecom, and Defence).
Pensioners can receive their monthly pension directly in an IDFC FIRST Bank Savings Account. Additionally, they can open a joint account with their spouse to ensure seamless family pension payments.
IDFC FIRST Bank has completed technical integration with CPAO, streamlining the pension disbursement process.
Benefits of the IDFC FIRST Bank Savings Account for Pensioners:
- Zero-fee banking on 36 services, including debit card issuance, IMPS, NEFT, RTGS, cheque books, and ATM withdrawals.
- Exclusive senior citizen benefits, such as ₹2 lakh cyber insurance, unlimited online health consultations, free doorstep banking, and priority service.
- No penalty for premature FD withdrawals for senior citizens.
- Extra 0.5% interest on FDs for senior citizens.
To initiate pension disbursement through CPAO, pensioners must share their IDFC FIRST Bank account details with their employer.
