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FAQs |
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If you have any queries that are not answered here, please call us or
write to us.
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Why should I open a Pension Salary account with HDFC Bank?
HDFC Bank is one of the first private sector Banks in the country which has been given the mandate to open/service pension accounts for pensioners under the Employees Pension Scheme 1995 and the Central Government Civil Pensions.
Our Pension Accounts come with a host of attractive features such as :
- Zero Balance
- Free Personalized Cheque Books
- Free Debit cards
- Free facilities like Billpay, Phonebanking and Netbanking.
- Free Inter-branch/ Inter-city banking (subject to terms/conditions).
We offer as:
- Attractive rates of interest on fixed deposits,
- Other attractive investment schemes (country's top mutual funds, Tax Saving Bonds like 8% RBI Relief Bonds etc.).
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How is tax calculated?
- Calculation and deduction of tax-at-source is done at the NODAL OFFICE (CPU).
- The Pension Account holder is provided an Investment Declaration Form at the beginning of each financial year (by April 15th), which has to be submitted latest by June 1st of the same year, to the designated branch.
- The NODAL OFFICE (CPU) also issues a Form 16-A by April 15th in respect of the tax deducted during the previous financial year.
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What happens when my status changes from resident to non-resident?
You will have to provide necessary documents in support of the change in status. In addition, every year in the month of November, along with the statutory Life/Remarriage/Non-employment Certificate you will have to submit a certificate of residence issued by one of the following:
- Authorised official of the Embassy/ High Commission or Consulate Office in the country of stay, or,
- Notary Public, or,
- An officer of an Indian Public Sector Bank attached to its branch in your country of stay.You will then be required to open a Non-Resident (Ordinary) account for payment of pension. This account will have to be maintained as per the provision of the Foreign Exchange Management Act (FEMA). The amount of pension is not repatriable.
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Which are the branches where I can open my pension account?
You can open your account at any of our branches throughout the country.
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Is the pension account transferable?
Yes, in two ways:
- Transfer from one Authorised Branch to another Authorised Branch
The Payee Branch will forward the written request from the pensioner to transfer the pension payment account to Regional CPU / Nodal Office. Regional CPU / Nodal Office will need to close the existing pension account and open a new pension account in the new branch desired by the pensioner. Regional CPU / Nodal Office will also make necessary modifications and make a note on the P.P.O. under intimation to the pensioner within 3 days of opening of the new account.
- Transfer between Banks
On receipt of the letter from the pensioner, Regional CPU / Nodal Office will return the PPO to the Link Branch which in turn will send it to CPAO/ RPFC. The CPAO/ RPFC will then forward PPO to the new Link Branch of the new Bank with endorsements.
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| Apply Now |
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Just fill the Online Application Form and our representative will get in touch with you shortly.
Other Ways to apply :
*Conditions Apply
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