As per norms of Banking “Pension Bank Account’ is a Savings Account. Normally the ‘Spouse is a ‘Joint Account-Holder’ Under ‘Either or Survivor’ Scheme in your pension bank account. It is essential to record a nominee also in your account. A ‘Nominee’ should be provided Compulsorily. Lets know why nominee must be registered in your pension bank account.
The reason is explained here with example.
Suppose ‘A’ is the Retiree and ‘B’ is his Wife. The Account is in the Names of ‘A’ and ‘B’ Jointly under ‘Either or Survivor’ Scheme. No ‘Nomination’ is given for this Account.
After a few years, due to some fatal disease ‘A’ dies. So ‘B’ will be the Sole Account- Holder and She will get Family Pension.
Now only the Problem starts when there are some arrears or exgratia. In case of Govt pensioners, there may be LTA – Life time arrears, it may be for ‘Wage Revision’ under recommendation of Pay Commission etc. As ‘A’ is Not Alive, You all may think the Amount will Automatically be Credited to ‘B’s Account. It is Not so.
The Reality is, that any Deceased Pensioner’s ‘Arrears’ will be paid Only to the ‘Nominee’ and Not to the ‘Spouse’. Further, if ‘Nomination’ is Not Registered in the Bank, then the ‘Legal Heir’ Alone can Claim the ‘Arrears’. This is a Very Cumbersome Procedure. To avoid such problems, it is better to give the ‘Nomination’ in the Bank.
Hence You All are Advised to Verify Your Account & Confirm whether the ‘Spouse’ Name is there as a ‘Joint-Holder’ and the ‘Nominee Name’ is Also given.
In case the ‘Nomination’ is not Registered, then the ‘Family Pensioner’ Cannot Claim the Arrears since She has No Right.
We hereby request You All to take this Message as an Important One and Act Accordingly.
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