This is a very important question Can a Pensioner maintain one Bank Account for all transactions in Pakistan?
In this regard Government of Pakistan Finance Division (Regulation Wings) Issued letter No.12(9)-Reg.6/2012 Dated 6th January 2021.
Following are the highlights of the above-mentioned letter which was further elaborated through State Bank of Pakistan BC&CPD Circular Letter No. 01 of 2021 Dated February 2021 also;-
- Pensioners shall be required to undergo biometric verification from any branch of a bank maintaining his/ her pension account, every year in March and September. If the pensioner is unable to undergo biometric verification due to incapacitation by bodily illness, infirmity, or if his/ her fingerprints do not exist due to old age or a genetic condition, he/she will provide a life certificate as per the SOPs.
- In case of family pension, Non-Marriage declaration as required under para 4 and 9(xiii) of SOPs shall be obtained from pensioners on or before 30th September of each year instead of March and September.
- Submission of above-mentioned Non-Marriage declaration will be dispensed with after the widow/ daughter/ sister of the pensioner (family pension recipient) attains the age of sixty years.
- If a pensioner fails to submit a life certificate or fails to undergo biometric verification during March and September or a pensioner does not draw a pension for consecutive six months, the account shall become dormant.
- The requirement of submission of indemnity bond by a pensioner, as laid down in para 3(f) and 9(xii) of the SOPs is discontinued.
You may also check SBP official website : https://www.sbp.org.pk/
3. In continuation to the above instructions, the following clarifications have also been issued by Finance Division:
- The Pension shall be paid through a bank account either current or PLS maintained in the pensioner’s name.
- A pension account shall not be a joint account.
- A bank account dedicated to pension transactions only shall not be mandatory for the pension.
Earlier it is highlighted that Finance Division vide letter no F.9(3)R.6/2015-548 dated 28-09-2020 has already decided that pensioners may keep only one Account for receiving their Pension on the due date as well as meeting their personal transactions rather than the opening of multiple Bank Accounts for conducting personal transaction’s.
Another important thing to keep in mind is that Pension Account will become “Dormant” if not a single Debit transaction is done during 6 months irrespective of BIO Metric Verification is done or Life Certificate/Re-marriage Certificates are presented before due dates of March or September respectively.