IDA INCREASED 4.8% FROM 1-1-2022

Saturday, 8 September 2018

It has been observed from the MEMBERSHIP BIO DATA forms of our NEW MEMBERS and as well some old members that they are NOT having EITHER OR SURVIVOR pension joint a/c in the banks or post offices.  We are repeatedly advising our members to hold their pension account jointly with their spouses as E or S account in banks and post offices. The main reason for this advice is to help their spouses to get their family pension easily without much difficulty. 

If they have joint account they have these following facilities:

The rule says as follows: “lf the pensioner has Joint Account with the spouse on either or survivor basis,  the spouse has to submit the death certificate of the pensioner along with simple application only to activate the family pension.”

They can operate the same pension account of the deceased for family pension payment also.

If they don’t have joint account, the following problems will arise:

For getting family pension, the deceased pensioner’s family should apply in Form no.14 along with a copy of the death certificate of the deceased Pensioner to the pension disbursing authority if, the amount of family pension is already indicated in the Pension Payment Order.

The pensioners account is ceased from the time of death and hence his/her family should not take money from bank even on ATM CARD.  If they take money from ATM after the death of the person it is illegal.

They need to open a separate account in the bank.

Getting FAMILY PENSION by simple method is made complicated if you don’t have either or survivor pension account in your bank or post office. 

Hence we request our members to convert their single pension accounts as either or survivor account in banks and post offices immediately.

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