The Reserve Bank of India (RBI) has released an important clarification regarding the requirement of a joint bank account for central government pensioners. There is a misunderstanding among the public and bank staff regarding the pension accounts of government employees. If the employee dies, then the spouse needs to open a new bank account. But now, RBI has announced that a joint bank account held by a central government pensioner and their spouse can continue to be used even after the pensioner’s death. This will be applicable only if the surviving spouse is authorized to receive the family pension.
The RBI has clarified that banks should not require the spouse to open a new bank account to receive the family pension. Instead, the existing joint bank account should be used for the pension disbursement. This process will make the pension disbursement process simple and easy.
The RBI also addressed concerns regarding life certificates, which pensioners must submit annually to continue receiving their pensions. Many pensioners have reported delays in pension payments due to misplacement of life certificates by bank branches. To prevent such issues, the RBI has directed banks to provide a signed acknowledgment when receiving life certificates. This will ensure transparency and timely processing of pension payments.
