PROCEDURE FOR FINAL SETTLEMENT / REFUND OF EXCESS AMOUNT CREDITED TO DECEASED PENSIONER/FAMILY PENSION- SPARSH MIGRATED ACCOUNTS.

 

            Dear veteran brothers,

There was a confusion in the banks, how to Refund the excess amount of pension paid to a deceased  pensioner/ Family pensioner.

 Many  ESM associations including our Exwel Trust,  sought clarification from Sparsh in this regard .

Now,   PCDA has released a Circular-228   File No; AT/TECH/30/ XXI  dated  19-07-2023  in this regard.

There are Two method:

   1.  If there is  further claimant for pension   Spouse/ daughter –and so on

2. When there is no further claimant for pension .

If there is  further claimant ,  there is no problem, the Sparsh will adjust the excess amount paid  by recovery.

In case of no claimant,  then, as per the  latest cir 228,  the Bank has to settle the  Death claim  as per the existing Rule.

The amount  in the pension account up to the Month of  death  can be paid as per usual  procedure.

The Excess amount paid after the death,  is to be  refunded to NEFT- RBI account.

All  Migrated accounts are credited through NEFT- RBI.  The excess amount  to be  refunded to the same RBI  account.

Only difference,  the amount credited after the   Month of death    instead of Date of death to be refunded..

So, the final  settlement will be – amount lying in the account up to the 1^st day of month of death  to be paid to Claimant  as LTA.

The excess amount paid after the 1^st day of Month of death  to be refunded to  RBI account mentioned in the circular.

Details of   account  for credit of excess amount:

NAME:  PCDA (Pension ) Allahabad

Account Number:  05525501008

IFSC  :  RBISONDPA01

Bank Branch: RBI  New Delhi

 

This is procedure for FINAL SETTLEMENT OF  DECEASED  SPARSH MIGRATED PENSION ACCOUNTS.

 Reference:  PCDA Circular 228.   Letter No: AR/ TECH/30/XXI   dated 19-07-2023.