Business Recorder
How to deal with pensionerís account

How to deal with pensionerís account




RIZWAN BHATTI

KARACHI: The State Bank of Pakistan asked banks on Thursday to render a pensionerís account dormant if non-remarriage certificate is not received after six months or if the pensioner fail is to draw pension for six consecutive months.

It said that banks were already advised to follow standard operating procedures for direct credit system. However, the accountant general of the Pakistan Revenues, the accountant general of Punjab and the controller of Naval Accounts have reported that some banks are not following the related instructions.

Accordingly, the SBP has advised banks to specifically ensure compliance with provisions of standard operating procedures.

The banks have been directed to render the pensionerís account dormant if life/non-remarriage certificate is not received after 6 months or if the pensioner fails to draw pension for six consecutive months to enable account offices to stop payment of pension.

In order to intimate the account office concerned about the death of a pensioner/family pensioner as soon as the fact comes to their knowledge.

The pension account shall be specifically used for the purpose of pension disbursement and shall not be a joint account.

All banks are advised by the SBP to ensure compliance of the above instructions in letter and spirit. Any violation would be dealt with under the relevant provisions of Banking Companies Ordinance, 1962.



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