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Pension Savings Account
- Personal
- Products
- Accounts & Deposits
- Savings Accounts
- Pension Savings Account
Features and Benefits
- Zero Balance Account
- Free International Debit Card
- Transferable from one branch/bank to another as per the process laid down by the pension authorities
Click here for the eligibility criteria of a Pension Savings Account.
The HDFC Bank Advantage
- Timely communication to the customers on receipt of Pension Payment Order
- No pension disbursal delays (subject to stipulated terms/conditions fulfilled by the pensioner)
- Immediate action in case family pension devolves to spouse
Contact Us
Ahmedabad
Expand All
What are the eligibility criteria to open a Pension Savings account?
A Pension Account can be opened by:
- An employee of the Central Government or Civil Ministry and is covered under the Central Government Civil Pension Scheme operated by the Central Pension Accounting Office, Department of Expenditure and Ministry of Finance.
- A Defence Pensioner - Any Retiring / Retired Commissioned Officer / Junior Commissioned Officer or Defence Civilian.
- Employee of a Provident Fund Organization (Employees Pension Scheme 1995) - Retiring / Retired employee of any establishment covered under the Employees Pension Scheme 1995 and Family Pension Scheme 1971.
Procedure and Operation:
- A Pension Savings account can only be opened in an individual's name.
- The account can be opened 6 months prior to the date of retirement.
- The details of the pensioner’s HDFC Bank Pension Savings account will have to be furnished to the pensioner’s employer.
- After retirement, the RPFC/CPAO will forward the Pension Payment Order (PPO) to our designated office.
- The pensioner will then receive intimation to complete documentation at the designated branch.
- After the pensioner's portion of the PPOStands for Pension Payment Order. The pension is authorised through a Pension Payment Order that consists of two booklets. One is meant for the Disbursing authority and the other for the individual. The rate of monthly pension, amount commuted, reduced pension payable (i.e. after commutation) to a Government Servant and the rate of family pension payable to a spouse (where the spouse of the individual is alive) are mentioned in the Pension Payment Order. is handed over, the pension will start being credited to the pensioner’s account every month.
What are the fees and charges applicable to a Pension Savings account?
| Services | Pension Products | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Balance | NIL | ||||||||||||||||||
| Charges on non maintenance thereof | NIL | ||||||||||||||||||
| Cheque Book | Free - 25 cheque leaves per calendar quarter Additional chequebook of 25 leaves will be charged @ Rs 50/- per chequebook |
||||||||||||||||||
| PAP Cheque book | NA | ||||||||||||||||||
| Account Statements - Free | Monthly statements to be Collected from branch. Quarterly statements sent by post |
||||||||||||||||||
| Issue of duplicate / adhoc statements | Branch - Rs 100/- PhoneBanking ( Non IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs.) - Rs.75/- NetBanking, Mobile Banking, PhoneBanking - IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. & ATM - Rs 50/- |
||||||||||||||||||
| Hold Statement | Rs. 400 | ||||||||||||||||||
| Managers Cheques/Demand Drafts- Issued - On HDFC Bank Locations |
|
||||||||||||||||||
| Managers Cheque/Demand Drafts - Cancellation / Revalidation | Rs. 50 Rs. 40 (Senior Citizens / Individuals in Rural areas) |
||||||||||||||||||
| Demand Drafts- Issued - On Non HDFC Bank Locations |
|
||||||||||||||||||
| Cheque Collection - Local Clearing Zone | Free | ||||||||||||||||||
| Collection of outstation cheques - our bank locations |
|
||||||||||||||||||
| Collection of outstation cheques - other locations |
|
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| Cheque return charges drawn on us - Local |
|
||||||||||||||||||
| Cheque return charges drawn on us deposited in other locations | Rs. 75 | ||||||||||||||||||
| Cheques deposited - outward | Rs. 50 | ||||||||||||||||||
| Balance Enquiry - at Branch | Free | ||||||||||||||||||
| Balance Certificate | Current year - Free, Previous year - Rs. 250 | ||||||||||||||||||
| Interest Certificate | Rs. 50 | ||||||||||||||||||
| TDS Certificate | Free | ||||||||||||||||||
| Account Closure | Upto 14 days - Nil 15 days upto 6 months - Rs 500/- 6 months upto 12 months - Rs 500/- Beyond 12 months - Nil |
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| Photo Attestation | Rs 100/- per instance | ||||||||||||||||||
| Signature Attestation | Rs 100/- per instance | ||||||||||||||||||
| Address Confirmation | Rs 100/- per instance | ||||||||||||||||||
| Stop Payment Charges | Particular Cheque - Rs. 50 (Rs. 40 through Phonebanking), Range of Cheques - Rs. 100 (Rs. 80 through Phonebanking) | ||||||||||||||||||
| Cheque status per instance | Rs. 25 | ||||||||||||||||||
| Standing Instructions | Setting up Rs. 150, Rs. 25 per transcation plus remittanceRemittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. charge | ||||||||||||||||||
| Unarranged overdraft | NA | ||||||||||||||||||
| Cash Delivery (in select cities) | Rs. 50 per delivery subject to max value of Rs. 1 Lakh | ||||||||||||||||||
| Old records/copy of paid cheques | Upto 1 year - Rs. 50 per record, Above 1 year - Rs. 100 per record | ||||||||||||||||||
| Activation of dormant account | No charges | ||||||||||||||||||
| Branch transactions (Includes only Cheque deposit/Cheque issuance/Funds Transfer Debit/NEFT/RTGS) |
|
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| Interbranch transactions through teller counters - Funds Transfer | Free | ||||||||||||||||||
| Interbranch transactions through teller counters - Cash transactions. |
|
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| Local Cheque deposited for outstation accounts | Free | ||||||||||||||||||
| Phonebanking - IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. | Free | ||||||||||||||||||
| Phonebanking - Non IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. | Free | ||||||||||||||||||
| ATM Card | NA | ||||||||||||||||||
| ATM Card - Replacement charges | NA | ||||||||||||||||||
| ATM Card - Transaction charge for Partner banks - only SBI & Andhra Bank | Balance enquiry - Free Cash withdrawal - 5 free cash withdrawal transaction per month at Non-HDFC Bank ATM. Additional transaction done at Non-HDFC Bank ATM - Rs 20/- per transaction Per transaction limit will be Rs 10,000/- |
||||||||||||||||||
| ATM Card - Transaction charge for Non-Partner banks | NA | ||||||||||||||||||
| Debit Card - Annual Fee - Regular | Free | ||||||||||||||||||
| Debit Card - Annual Fee - Gold | Rs. 500 per year (plus taxes) | ||||||||||||||||||
| Debit Card - Annual Fee - Women's Card | Rs. 100 per year (plus taxes) | ||||||||||||||||||
| Debit Card - Renewal Fee - Regular | Free | ||||||||||||||||||
| Debit Card - Renewal Fee - Gold | Rs. 500 per year (plus taxes) | ||||||||||||||||||
| Debit Card - Renewal Fee - Women's Card | Rs. 100 per year (plus taxes) | ||||||||||||||||||
| Debit Card - Replacement charges | Replacement of a damaged card - No charges & Replacement of a lost card - Rs. 100 (plus taxes) (for all card types) | ||||||||||||||||||
| Debit Card - Transaction Charge - HDFC Bank ATMs | Free | ||||||||||||||||||
| Debit Card - Transaction Charge - Non HDFC Bank Domestic ATMs | Balance enquiry - Free Cash withdrawal - 5 free cash withdrawal transaction per month at Non-HDFC Bank ATM. Additional transaction done at Non-HDFC Bank ATM - Rs 20/- per transaction Per transaction limit will be Rs 10,000/- |
||||||||||||||||||
| Debit Card - Transaction Charge - Non HDFC Bank International ATMs | Rs. 15 per balance enquiry & Rs. 110 per cash withdrawal (plus taxes) | ||||||||||||||||||
| Debit Card - Transaction Charge - SBI/Andhra Bank ATMs | Balance enquiry and Cash withdrawal : Free | ||||||||||||||||||
| PIN regeneration charge | Rs. 50 (plus taxes) | ||||||||||||||||||
| Decline charge for insufficient balance | Transactions declined at other Bank ATMs anywhere in the world or at a Merchant outlet outside India due to insufficient funds will be charged at Rs. 25 per transaction (plus taxes) | ||||||||||||||||||
| Add-on Debit Card - Regular | Rs. 100 per year (plus taxes) - One add-on card free for the first year | ||||||||||||||||||
| Add-on Debit Card - Gold Card | Rs. 500 per year (plus taxes) | ||||||||||||||||||
| Add-on Debit Card - Women's Card | Rs. 100 per year (plus taxes) | ||||||||||||||||||
| BillPay | This service is free w.e.f 1st August'2011 | ||||||||||||||||||
| InstaPay | Rs. 10 (plus taxes) per transaction | ||||||||||||||||||
| InstaAlert | Rs. 25 (plus taxes) per qtr per account | ||||||||||||||||||
| Visa Money Transfer | Rs. 20 (plus taxes) per transaction | ||||||||||||||||||
| NEFT Charges - Inward | NIL | ||||||||||||||||||
| NEFT Charges- outward | Through NetBanking - Free Through Branch - Free |
||||||||||||||||||
| NEFT Charges for Indo Nepal transactions | Customers having NSBL*A/c - Rs 20/- Customers having Non-NSBL* A/c: Upto Rs 5,000 - Rs 70/- Above Rs 5,000 - Rs 95/- * Nepal State Bank Ltd |
||||||||||||||||||
| RTGS - Outward | Rs.1,00,000 to Rs.5,00,000 -Rs.25/-, Rs.5,00,000 and above - Rs. 50/- |
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| RTGS - Inward | NIL | ||||||||||||||||||
| Mobilebanking | Free | ||||||||||||||||||
| Netbanking | Free | ||||||||||||||||||
| ECS (Debit) Return Charges | - Rs 350/- would be levied on first instance of ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. return in a quarter. - Rs 750/- would be levied, second instance onwards in the same quarter. |
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| Non Operational account - Account with no customer initiated transaction in the account for past 1 year | Rs 50/- per quarter | ||||||||||||||||||
| Any Deliverable returned by courier due to negative reasons (no such consignee/ consignee shifted and no such address) | Rs 50/- per instance | ||||||||||||||||||
| TIN/IPIN Regeneration (requests received at the branch for physical dispatch) | Rs 50/- per instance | ||||||||||||||||||
| SI rejects | Rs 200/- per instance | ||||||||||||||||||
| Cash Handling for cash deposit at home branch | For non-managed customers - Cash deposit value upto Rs 1 lakh/day - No charge - Above Rs 1 lakh - Rs 25/- per Rs 50,000 or part thereof. |
||||||||||||||||||
Have questions?
Is my Pension Savings account transferable?
You can transfer your Pension Savings account in two ways:
- 1. You can transfer it from one authorised branch to another authorised branch The payee branch will forward a written request from the pensioner to transfer the Pension Savings account to the Regional CPU/Nodal Office. Regional CPU/Nodal Office will need to close the existing Pension Savings account and open a new Pension Savings account in the new branch desired by the pensioner. The Regional CPU/Nodal Office will also make the necessary modifications and make a note on the P.P.O. under intimation to the pensioner within 3 days of opening the new account.
- 2. Transfer between Banks On receipt of the letter from the pensioner, the Regional CPU/Nodal Office will return the PPOStands for Pension Payment Order. The pension is authorised through a Pension Payment Order that consists of two booklets. One is meant for the Disbursing authority and the other for the individual. The rate of monthly pension, amount commuted, reduced pension payable (i.e. after commutation) to a Government Servant and the rate of family pension payable to a spouse (where the spouse of the individual is alive) are mentioned in the Pension Payment Order. to the Link Branch, which in turn will send it to the CPAO/RPFC. The CPAO/RPFC will then forward the PPOStands for Pension Payment Order. The pension is authorised through a Pension Payment Order that consists of two booklets. One is meant for the Disbursing authority and the other for the individual. The rate of monthly pension, amount commuted, reduced pension payable (i.e. after commutation) to a Government Servant and the rate of family pension payable to a spouse (where the spouse of the individual is alive) are mentioned in the Pension Payment Order. to the new Link branch of the new bank with endorsements.
Can I open my Pension Savings account in any HDFC Bank branch?
Yes. You can open your account at any HDFC Bank branch in the country.
What happens when my status changes from resident to non-resident?
When this happens, you will have to provide the necessary documents in support of your 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
- Notary Public
- 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 the 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.
How is tax calculated?
- The 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 by June 1st of the same year, to the designated branch.
- The NODAL OFFICE (CPU) also issues Form 16-A by April 15th in respect of the tax deducted during the previous financial year.
What are the advantages of opening a Pension Savings account with HDFC Bank?
HDFC Bank is one of the first private sector Banks in the country to be given the mandate to open and 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 including:
- Zero Balance
- Free Personalized Cheque Book
- Free Debit Card
- Free facilities like Billpay, Phonebanking and Netbanking
- Free Inter-branch and Inter-city banking (subject to terms and conditions)
We offer:
- Attractive rates of interest on Fixed Deposits
- Other attractive investment schemes
We offer the country's top mutual funds; Tax Saving Bonds like 8% RBI Relief Bonds, etc.
Expand All
What can you do online?
- Download/Request for an account statement through NetBanking
- Transfer funds through NEFTThis stands for National Electronic Funds Transfer (NEFT). It is a system that facilitates an individual or company to electronically transfer funds from any bank branch to any individual or company having an account with any other bank branch in the country./RTGS
- Request for a DD or a cheque book
- Stop Payment on a cheque
- Apply for an IPO
- Open a new Fixed Deposit, liquidate an existing Fixed deposit or use the Fixed Deposit sweep-in facilityThe Sweep-in facility, allows you to transfer money from your savings account into a fixed deposit or vice-versa. You can have this done by a standing instruction, if the money in the account goes above or falls below a limit you have decided upon. You can also gain the high interest rates that come with a Fixed Deposit, along with the liquidity of a savings Account.
- Inquire about your TDSThis stands for Tax Deducted at Source, which means the tax you have to pay on your salary is already deducted and the net amount is received by you.
Did you know?
- You can register for and activate your NetBanking facility
- You can pay your utility bills online through the BillPay facility
Contact us
Ahmedabad
Expand All
Get started with your Pension Savings Account
Have you got your Welcome Kit? Inside your welcome kit you should find a:
- Welcome Letter – This is to welcome you as an HDFC Bank Pension Savings Account customer so you can enjoy all the privileges and services we offer.
- Cheque book – You will get a free cheque book in your welcome kit. You can apply for additional cheque books. Please check the fees and charges.
- Debit Card – To make payments, withdraw cash and perform various other transactions quickly and easily.
- Debit Card Password – This is your four digit secret password that allows you to use your Debit card to withdraw money from any HDFC Bank ATM. The ATM Card password would be sent to your registered address separately
- Net Banking Password (IPIN) – This is your secret password that allows you to access your account details online and to conduct transactions through NetBanking.
- PhoneBanking Password (TIN) – This is a secret password that allows you to access your account details through Phone Banking.
Did you know?
- You can register for and activate your NetBanking facility so you can access your account details online as well as conduct transactions through NetBanking.
- You can pay utility bills easily and securely from the comfort of your home through the online BillPay facility.
You can also benefit from
- Our NetBanking facility so you can access your account details online as well as conduct transactions through NetBanking. Click here
- Our BillPay facility to pay your utility bills online. Click Here
- A Demat Account and an HDFC Securities Trading Account to experience a fast and easy way to trade online.
Fees and Charges
There are certain fees and charges applicable to a Pension Savings account depending upon your requirement:
| Services | Pension Products | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Balance | NIL | |||||||||||||||||||
| Charges on non maintenance thereof | NIL | |||||||||||||||||||
| Cheque Book | Free - 25 cheque leaves per calendar quarter Additional chequebook of 25 leaves will be charged @ Rs. 50 per chequebook |
|||||||||||||||||||
| PAP Cheque book | NA | |||||||||||||||||||
| Account Statements – Free | Monthly statements to be Collected from branch. Quarterly statements sent by post |
|||||||||||||||||||
| Issue of duplicate / ad-hoc statements | Rs. 100 at Branch or Phonebanking (Non-IVR), Rs. 30 per statement through Netbanking, Rs. 50 per statement through Phonebanking(IVR), ATM and Mobilebanking. | |||||||||||||||||||
| Hold Statement | Rs. 400 | |||||||||||||||||||
| Managers Cheques/Demand Drafts- Issued - On HDFC Bank Locations |
|
|||||||||||||||||||
| Managers Cheque/Demand Drafts - Cancellation / Revalidation | Rs. 50 Rs. 40 (Senior Citizens / Individuals in Rural areas) |
|||||||||||||||||||
| Demand Drafts- Issued - On Non HDFC Bank Locations |
|
|||||||||||||||||||
| Cheque Collection - Local Clearing Zone | Free | |||||||||||||||||||
| Collection of outstation cheques - our bank locations |
|
|||||||||||||||||||
| Collection of outstation cheques - other locations |
|
|||||||||||||||||||
| Cheque return charges drawn on us – Local |
|
|||||||||||||||||||
| Cheque return charges drawn on us deposited in other locations | Rs. 75 | |||||||||||||||||||
| Cheques deposited - outward | Rs. 50 | |||||||||||||||||||
| Balance Enquiry - at Branch | Free | |||||||||||||||||||
| Balance Certificate | Current year - Free, Previous year - Rs. 250 | |||||||||||||||||||
| Interest Certificate | Rs. 50 | |||||||||||||||||||
| TDS Certificate | Free | |||||||||||||||||||
| Account Closure | Before 6 months - Rs. 100, After 6 months - No Charge | |||||||||||||||||||
| Photo Attestation | Rs. 50 | |||||||||||||||||||
| Signature Attestation | Rs. 50 Rs. 40 (Senior Citizens / Individuals in Rural areas) |
|||||||||||||||||||
| Address Confirmation | Rs. 50 | |||||||||||||||||||
| Stop Payment Charges | Particular Cheque - Rs. 50 (Rs. 40 through Phonebanking), Range of Cheques - Rs. 100 (Rs. 80 through Phonebanking) | |||||||||||||||||||
| Cheque status per instance | Rs. 25 | |||||||||||||||||||
| Standing Instructions | Setting up Rs. 150, Rs. 25 per transaction plus remittanceRemittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. charge | |||||||||||||||||||
| Unarranged overdraft | NA | |||||||||||||||||||
| Cash Delivery (in select cities) | Rs. 50 per delivery subject to max value of Rs. 1 Lakh | |||||||||||||||||||
| Old records/copy of paid cheques | Up to 1 year - Rs. 50 per record, Above 1 year - Rs. 100 per record | |||||||||||||||||||
| Activation of dormant account | No charges | |||||||||||||||||||
| Branch transactions | Free | |||||||||||||||||||
| Inter-branch transactions through teller counters - Funds Transfer | Free | |||||||||||||||||||
| Inter-branch transactions through teller counters - Cash transactions | Free | |||||||||||||||||||
| Local Cheque deposited for outstation accounts | Free | |||||||||||||||||||
| Phonebanking - IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. | Free | |||||||||||||||||||
| Phonebanking - Non IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. | Free | |||||||||||||||||||
| ATM Card | NA | |||||||||||||||||||
| ATM Card - Replacement charges | NA | |||||||||||||||||||
| ATM Card - Transaction charge for Partner banks - only SBI & Andhra Bank | Balance enquiry - Free Cash withdrawal - 5 free cash withdrawal transaction per month at Non-HDFC Bank ATM. Additional transaction done at Non-HDFC Bank ATM – Rs. 20 per transaction Per transaction limit will be Rs. 10,000 |
|||||||||||||||||||
| ATM Card - Transaction charge for Non-Partner banks | NA | |||||||||||||||||||
| Debit Card - Annual Fee – Regular | Free | |||||||||||||||||||
| Debit Card - Annual Fee - Gold | Rs. 500 per year (plus taxes) | |||||||||||||||||||
| Debit Card - Annual Fee - Women's Card | Rs. 100 per year (plus taxes) | |||||||||||||||||||
| Debit Card - Renewal Fee – Regular | Free | |||||||||||||||||||
| Debit Card - Renewal Fee - Gold | Rs. 500 per year (plus taxes) | |||||||||||||||||||
| Debit Card - Renewal Fee - Women's Card | Rs. 100 per year (plus taxes) | |||||||||||||||||||
| Debit Card - Replacement charges | Replacement of a damaged card - No charges & Replacement of a lost card - Rs. 100 (plus taxes) (for all card types) | |||||||||||||||||||
| Debit Card - Transaction Charge - HDFC Bank ATMs | Free | |||||||||||||||||||
| Debit Card - Transaction Charge - Non HDFC Bank Domestic ATMs | Balance enquiry - Free Cash withdrawal - 5 free cash withdrawal transaction per month at Non-HDFC Bank ATM. Additional transaction done at Non-HDFC Bank ATM – Rs. 20 per transaction Per transaction limit will be Rs. 10,000 |
|||||||||||||||||||
| Debit Card - Transaction Charge - Non HDFC Bank International ATMs | Rs. 15 per balance enquiry & Rs. 110 per cash withdrawal (plus taxes) | |||||||||||||||||||
| Debit Card - Transaction Charge - SBI/Andhra Bank ATMs | Balance enquiry and Cash withdrawal – Free | |||||||||||||||||||
| PIN regeneration charge | Rs. 25 (plus taxes) | |||||||||||||||||||
| Decline charge for insufficient balance | Transactions declined at other Bank ATMs anywhere in the world or at a Merchant outlet outside India due to insufficient funds will be charged at Rs. 25 per transaction (plus taxes) | |||||||||||||||||||
| Add-on Debit Card - Regular | Rs. 100 per year (plus taxes) - One add-on card free for the first year | |||||||||||||||||||
| Add-on Debit Card - Gold Card | Rs. 500 per year (plus taxes) | |||||||||||||||||||
| Add-on Debit Card - Women's Card | Rs. 100 per year (plus taxes) | |||||||||||||||||||
| BillPay | Rs. 25 (plus taxes) per qtr per Customer ID | |||||||||||||||||||
| InstaPay | Rs. 10 (plus taxes) per transaction | |||||||||||||||||||
| InstaAlert | Rs. 25 (plus taxes) per qtr per account | |||||||||||||||||||
| Visa Money Transfer | Rs. 20 (plus taxes) per transaction | |||||||||||||||||||
| NEFT Charges - Inward | NIL | |||||||||||||||||||
| NEFT Charges- outward | Through NetBanking – Free Through Branch – Free |
|||||||||||||||||||
| NEFT Charges for Indo Nepal transactions | Customers having NSBL*A/c – Rs. 20 Customers having Non-NSBL* A/c: Up to Rs. 5,000 – Rs. 70 Above Rs. 5,000 – Rs. 95 * Nepal State Bank Ltd |
|||||||||||||||||||
| RTGS - Outward | Rs. 1,00,000 to Rs. 5,00,000 -Rs.25, Rs. 5,00,000 and above - Rs. 50 |
|||||||||||||||||||
| RTGS – Inward | NIL | |||||||||||||||||||
| Mobilebanking | Free | |||||||||||||||||||
| Netbanking | Free | |||||||||||||||||||
| ECS (Debit) Return Charges | Rs. 200 (plus taxes) | |||||||||||||||||||
*at home branch for account holders (individuals)
As per the Finance Bill 2009, all fees and charges mentioned above will attract a Service Tax of 10% and an Education Cess of 3% on the service tax amount, effective from 24th February 2009.
Have questions?
Is my Pension Savings account transferable?
You can transfer your Pension Savings account in two ways:
- 1. You can transfer it from one authorised branch to another authorised branch The payee branch will forward a written request from the pensioner to transfer the Pension Savings account to the Regional CPU/Nodal Office. Regional CPU/Nodal Office will need to close the existing Pension Savings account and open a new Pension Savings account in the new branch desired by the pensioner. The Regional CPU/Nodal Office will also make the necessary modifications and make a note on the P.P.O. under intimation to the pensioner within 3 days of opening the new account.
- 2. Transfer between Banks On receipt of the letter from the pensioner, the Regional CPU/Nodal Office will return the PPOStands for Pension Payment Order. The pension is authorised through a Pension Payment Order that consists of two booklets. One is meant for the Disbursing authority and the other for the individual. The rate of monthly pension, amount commuted, reduced pension payable (i.e. after commutation) to a Government Servant and the rate of family pension payable to a spouse (where the spouse of the individual is alive) are mentioned in the Pension Payment Order. to the Link Branch, which in turn will send it to the CPAO/RPFC. The CPAO/RPFC will then forward the PPOStands for Pension Payment Order. The pension is authorised through a Pension Payment Order that consists of two booklets. One is meant for the Disbursing authority and the other for the individual. The rate of monthly pension, amount commuted, reduced pension payable (i.e. after commutation) to a Government Servant and the rate of family pension payable to a spouse (where the spouse of the individual is alive) are mentioned in the Pension Payment Order. to the new Link branch of the new bank with endorsements.
Can I open my Pension Savings account in any HDFC Bank branch?
Yes. You can open your account at any HDFC Bank branch in the country.
What happens when my status changes from resident to non-resident?
When this happens, you will have to provide the necessary documents in support of your 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
- Notary Public
- 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 the 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.
How is tax calculated?
- The 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 by June 1st of the same year, to the designated branch.
- The NODAL OFFICE (CPU) also issues Form 16-A by April 15th in respect of the tax deducted during the previous financial year.
What is the procedure to add applicants to your Saving Accounts?
To add an applicant to your savings account, kindly follow the steps below:
- Submit a letter to the branch specifying that you would like to add another applicant to your existing account (mention the name of the applicant in the letter) and sign the letter (all existing applicants must sign)
- Submit a completely filled fresh account opening form available at all HDFC Bank branches. The account opening form should contain a photograph of new applicant (to be added in existing account)
- The account opening form should contain specimen signatures of all existing applicants, including the new applicant (to be added in existing account)
- Submit a proof of identification of the new applicant (provided the applicant does not have any other account with Bank)
- Submit an address proof of the new applicant
All the existing applicants in your account are required to be physically present at the branch, along with the new applicant. As soon as the form and other documents are received and found to be in order, the name will be added to the account within 7 working days, provided no exceptions are found. This will be followed up with the deliverables, as requested at the time of name addition.
For more details, Contact Us
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