There are many individuals, who work in government or other enterprises, where one is normally entitled for pensions. However, family pension is received only on the death of the pensioner.
What is the procedure to be followed before commencement of pension?
Before the commencement of pension there are certain obligations. A pensioner has to be present in person at the branch for the purpose of identification. The branch will then proceed to complete all formalities including thumb impressions.
In case the pensioner is handicapped then he need not visit the branch. He or she is actually exempted.
When is such pension disbursed?
One can expect to receive the pension in the last few days of the month. It is really spread over the last four days of the month and how fast a bank completes the process, would really depend on the branch work load etc. However, for the month of March, the credit can be expected towards the first few days of April.
It is also important to note that the branch has to maintain a detailed record of the pension payments made. In case there is a mistake for some reason and there is excess payment that has been credited to the account, the bank has the right to recover such payments.
Another point worth noting is that the pensioner has to submit a life certificate in the month of November every year. It is only after this that the pension would be disbursed.
If there is a delay in payment of pension, there will be an an interest rate of 8 per cent that is applicable and the bank will be responsible for credit of the same.