There is big news for pensioners. If pension does not come to your account on time, then there is no need to worry now. Reserve Bank of India (RBI) has given strict orders to the bank that 8% annual interest will have to be paid on delay in pension. This rule will be applicable for retired employees of central and state government. Let us know what this new rule is and who will benefit from it.
If there is delay in pension then interest will be given
If a retired employee’s pension is not paid on time, then now the bank will have to pay compensation for that delay. RBI has given clear instructions – 8% annual interest will have to be paid. You will get money without any complaint. The pensioner will not even have to complain to the bank for this. In case of delay, the bank itself will have to deposit the interest amount in the pensioner’s account.
Since when is this rule in force?
This rule is considered applicable from October 2008. That is, if there is a delay in your pension after this, then you should get interest.
Who will get the interest?
This rule applies to those retired employees of the Central Government and State Government whose pension comes through the bank. RBI has clearly said that banks should take full responsibility for sending pension on time. If there is any delay then the bank will have to bear the brunt of it. For pensioners above 70 years of age, the bank will provide the facility of submitting life certificate at home. They will not need to come to the bank.
Digital life certificate is also valid
Pensioners can also submit life certificate digitally through ‘Jeevan Pramaan’ platform. This eliminates the tension of standing in queues. Now banks will have to take the responsibility of pension payment seriously. If they are negligent, they will have to pay compensation directly.
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