RBI Circular: Banks will pay 8% interest on delay in getting pension, RBI issued new rule

RBI New Rule: Pensioners often complained about getting their pension money late. But now if this happens, then 8 percent interest will have to be paid annually. RBI has given an order regarding the new rule related to banks.

Pension Payment Rule: If you get pension from the central or state government or there is a pensioner in your family, then this news is useful for you. Recently, a new rule related to pension has been issued by RBI. According to the new rule, if there is a delay in getting pension or pension arrears to the retired employees of the central and state government, then the responsible bank will have to pay 8% interest annually. According to the new rule of the Reserve Bank (RBI), this interest money will be given by the bank to the pensioner as compensation.

New rule issued for banks

RBI has recently issued a new rule for banks paying government pension. The central bank has given this order so that if there is a delay in paying pension or outstanding pension, then the pensioners can get the interest money. This step has been taken because many pensioners were complaining that they were getting delayed in getting the increased pension and outstanding money.

Interest will be given at the rate of 8 percent per annum

According to the new rule, the banks that pay pension will have to compensate the pensioners in case of delay in paying the pension. They will have to pay 8% interest annually on the outstanding pension. Under the rule, it is also clearly stated that if the banks delay in paying the pension or its outstanding money after the due date, then they will have to pay interest at the rate of 8% for every year. Apart from this, interest on delayed pension should be automatically deposited in the pensioner’s account.

Pension and interest money will be deposited on the same day

Under the new rule, it has been said that when the bank deposits the increased pension or the outstanding pension amount in the account, the interest money will also be deposited on the same day. This rule will be applicable to all delayed pension payments after October 1, 2008. For this, the pensioner will not need to make a separate claim. RBI has also asked the banks to make a way to immediately get a copy of the pension order directly from the pension paying authorities.

Pension payment should be completed without waiting for instructions from RBI. This will ensure that pension benefits are received along with the next month’s pension and there is no delay in payment. Apart from this, the bank branches in which pension accounts are held will have to help and guide the pensioners in bank related work. It has been advised that all banks should treat pensioners, especially old pensioners, with sympathy and attention. Give them good customer service.

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