NOMINATION FOR PENSIONERS- RULE 1983

                    

   NOMINATION- RULE 1983-  FOR PENSIONERS.

We all know that all Banks will insist for Nomination for all  Individual

Deposit accounts ,   SB, Current and Fixed Deposits.

Particularly for Pension accounts, it is very much important.

For Joint Accounts, nomination is not required ,because, there is a condition of payment , Either or Survivor  etc. When one member dies automatically the other is eligible for operations/benefit .  In this case, the survivor  can give Nomination .

Note:

That is why  we insist all the pensioners to convert their Pension account to Joint account with their spouse.

For Single account in individual Name , the Nomination is mandatory to avoid hardship  to the NOK/ beneficiary / Legal heir on claiming/ settling the account  like LTA.

There are TWO types of Nomination.

1.      One is for Pension arrears – LTA  in Form “A”  as per Rule-5  ( Nomination Rule- 1983)  and   Payment of Pension Arrears – Rule-1986.

Suppose, the Nominee Pre-deceases the pensioner, then the pensioner can give a Modification of Nomination in Form  “B” (Sub rule- 2) with 2 witnesses,  giving another nominee..

OR

 You can submit  Form- 4 or  5  giving an alternate Nominee in advance  for   Pre-deceased nominee.

2.     The Other  is for payment of Gratuity and other payments-

 Form  “B” Rule-6

 The Nomination is to be submitted in Triplicate and get one copy of   - Acknowledgement  and keep it for proof of Nomination.

Proof  of Nominee’s particulars like Name, DOB and address is necessary.

The Nomination may be made to only one person.

If any of our veteran brothers have not given Nomination still, where the account is in Individual name,  please arrange to give the Nomination  immediately.

Ref: GOI. Deptt. Of P & PW  OM No: 38/32/85 –P7PW  dated 07-01-1986.