The EPS Act came into action on 16Th November 1995 and bought tons of benefits along with it. We know that pension is one of the most useful sources of income for retired employees. For getting monthly pension benefits, a person has to fill the form 10D. After filling out the form, they have to submit it to the PDA. After the PDA approves the application, the pensioners will start getting a pension.
What are Pension Disbursing Agencies? The Pension Disbursing Agency is a government office that conducts all pension processes. We will also read about the list of banks that the government declared as Pension Disbursing Agencies.
A pensioner needs to visit the Pension Disbursing Banks or Agencies for availing pension benefits. A PDA can be any government office, bank, post offices, etc. With the help of these banks, a person can seek any pension-related queries. As banks have branches everywhere, hence it would help the pensioners in many ways. Before jumping to the list of banks, we would discuss a bit about EPS and some of its aspects.
List Of Banks As Pension Disbursing Agencies
As stated earlier, the EPFO has made certain banks as pension disbursing agencies. Here is the complete list of the banks where you can visit for any pension-related queries.
1. North Delhi: PNB, SBI, UBI, IB, HDFC, AXIS, ICICI
2. South Delhi: AXIS, SBI, UBI, HDFC, IB, ICICI, PNB
3. Dehradun: PNB, SBI
4. Faridabad: PNB, ICICI, AXIS, HDFC, SBI
5. Gurgaon: PNB, HDFC, SBI, ICICI, AXIS
6. Shimla: PNB, AXIS, SBI
7. Jaipur: PNB, Thar Gramin Bank, SBBJ, HDFC, ICICI, AXIS
8. Ludhiana: PNB, HDFC, AXIS, SBI
9. Chandigarh: ICICI, SBI, HDFC, AXIS, PNB
10. Bihar: BOI, HDFC, PNB
11. Meerut: SBI, PNB
12. Hyderabad: SBI, AB, HDFC, UBI, AXIS, ICICI
13. Kanpur: SBI, HDFC, PNB, ICICI, AXIS
14. Guntur: AB, HDFC, SBI, AXIS, ICICI
15. Bhubaneshwar: UCO Bank, HDFC, SBI, BOI, AXIS, ICICI
16. Nizamabad: SBI, Gramin Bank, UBI, AB, SY BANK, AXIS
17. Bangalore: VIJAYA BANK, CANARA, SY. BANK, SBI, CORP. BANK, AXIS, HDFC, ICICI
18. Goa: BOI, HDFC, SBI
19. Mangalore: CANARA, SBI, SY. BANK, CORP. BANK, AXIS, VIJAYA BANK
20. Gulbarga: CANARA, ICICI, CORP. BANK, SY, BANK, SBI
21. Peenya: ICICI, SBI, HDFC, CANARA BANK, CORP. BANK, SY. BANK
22. Kerala: FED. BANK, CANARA BANK, SY. BANK, SBI, PNB, IOB, AXIS, ICICI, North Malabar Gramin Bank, SBT
23. Coimbatore: IB, IOB, SBI, HDFC, ICICI, AXIS
24. Madurai: ICICI, AXIS, SBI, IB, IOB, HDFC
25. Tambaram: SBI, HDFC, IOB, IB, ICICI, AXIS
26. Chennai: ICICI, AXIS, SBI, IB, HDFC, IOB
27. Ranchi: BOI, UBI, PNB, ICICI, AXIS, HDFC
28. Kolkata: PNB, HDFC, UBI, AXIS, ICICI
29. Jalpaiguri: UBI, UCO, SBI, CBI, UBKG BANK
30. Raipur: PNB, HDFC, AXIS, SBI, ICICI, CBI
31. Guwahati: HDFC, AXIS, SBI, ICICI
32. Bandra: SBI, BOI, PNB, IB, BOM, AXIS, ICICI, HDFC
33. Thane: ICICI, HDFC, BOI, AXIS, PNB, SBI
34. Kandivali: ICICI, HDFC, AXIS, SBI, PNB
35. Pune: ICICI, BOM, SBI, BOI, PNB, HDFC
36. Ahmedabad: DENA, HDFC, SBI
37. Nagpur: PNB, BOI, SBI, HDFC, ICICI, AXIS
38. Vadodara: SBI, HDFC, DENA
39. Surat: DENA, ICICI, AXIS, SBI, HDFC
40. Indore: HDFC, AXIS, SBI, ICICI, PNB
These are the banks that the EPFO has stated as pension disbursing agencies. The pensioners can visit these banks and claim their pension benefits. All the pension-related processes are done in these banks.
How To Apply For Pension
The pensioner needs to fulfill the eligibility criteria before applying for a pension. The person needs to work for at least 10 years and should have attained the age of 58. If the person has not completed 10 years of service, he/she can either withdraw or transfer the pension.
Here are some of the essential points which you should keep in mind while applying for a pension.
i. If you want to claim your pension rights, then you have to fill out the form 10D.
ii. After filling out the form, please send it to the organization in which you worked last. The employer will go through the application and will give his/her approval.
iii. If the organization is not open, then you have to send the form through an authorized officer. The authorized officer can be Magistrate/Gazetted Officer/bank manager. Make sure that the Commissioner first approves the authorized officer.
iv. Remember to attach your bank account proof along with the form. You can provide a copy of your passbook or a canceled cheque. The cheque should have the account number in it. If you are not sure about what bank details you should provide, then visit the nearest EPFO for any such inquiry.
v. Make sure to attach your passport-sized photographs along with form 10D. If a child is availing a pension, then he/she has to attach a photograph along with the age proof. A child is eligible to get a pension until he/she reaches the age of 25. You have to submit a total of 4 photographs with the form.
vi. Provide the age certificate for the members of the family. The proof is required for each member whose photograph you have submitted.
vii. If you have any scheme certificate, then mention the details in the form. You also have to provide the scheme certificate.
viii. Make sure that the employer attests all the documents. The employer should sign each of the document else it would get declined.
ix. If you are submitting the documents in your home state, then the documents should be in duplicate form. If you are submitting it for out of state, then the form should be in triplicate form.
When Is An Employee Eligible To Receive Pension?
The EPS act has two major terms: claiming and withdrawal. Each of these terms is related to pension benefits. Here, we will tell you the instances where you can withdraw money from your pension account and when you can claim for the pension.
When Can An Employee Withdraw Pension Amount?
A person is eligible for pension benefits only after completing 10 years of service. Here, the question is when can a person withdraw money from the EPS account? A person can withdraw the money from the EPS account after working for 6 months in the company.
If an employee has reached the age of 58 but has worked for only 6 or 7 years, then he/she cannot avail pension benefits. In this case, the employee can withdraw from the account. He/she has the option of withdrawing the entire pension amount from the EPS account.
An employee can only withdraw from the EPS account if he/she has not completed the 10 years of the service period. Once the person has completed the 10 years of the service period, he/she cannot withdraw from the account. In this case, the person has to claim for monthly pension benefits.
When Can An Employee Avail For Pension Benefits?
An employee can only avail pension benefits after reaching the age of 58. Besides that, the person must have worked for at least 10 years in the company. These two are the main eligibility criteria. If a person has completed 10 years of service and is more than 58, he/she is eligible for getting pension benefits.
Another case to think of is the “reduced pension.” A person can opt for a reduced pension if he/she is between the age group of 50-58. But, he/she must have worked for 10 years in the company. In this case, the employee can get pension benefits, but in a reduced form.
In case an employee wants to leave the company at the age of 48, but have completed 10 years of service. Will he/she get a pension? Yes, the employee will get a pension but only after reaching the age of 58. Till then, the person can neither withdraw the pension amount nor claim any benefits for this.
If an employee suffers from any kind of disablement during his/her time of service, then the employee can get a lifetime pension from the company. But, the person has to go through a medical examination, which would state whether he/she is unfit for the job or not.
In case the employee dies, the spouse and the child of the deceased employee are eligible to get pension benefits. If the employee was unmarried, then the parents will get the pension benefits.
1. How long will it take for the pension to arrive?
The pension disbursing agencies take around 30 days to start the pension services. After you have submitted your form to the employer, he/she will forward it to the registered PDA. After this, the pension process will start. After the various formalities are done, the PDA will start your monthly pension within a month.
2. In the case of child pension, for how many years will the child get the pension?
In the case of a child pension, the child is eligible to get a pension until he/she reaches the age of 25. In case the spouse of the deceased employee gets married, the child will get the orphan pension till the age of 25. In case the child is disabled, then he/she can get pension benefits for a lifetime.
3. How can I know the nearest PDA?
You can look for the list of PDA centers on the official website of EPFO. The EPFO continuously updates about the PDA, which would help you to find the nearest PDA.
4. Can I withdraw the pension amount after completing 10 years of service?
No, you cannot withdraw your pension amount after completing 10 years of service. Only if the employee has completed 10 years of service in the organization, he/she can get this benefit.
The pension disbursing agencies are responsible for conducting all the pension-related processes. The government has stated certain banks as PDAs for helping the pensioners. All the pension-related documents are sent to the pension disbursing agencies. After they verify the documents, the pensioner will start getting the pension benefits. Even if a person wants to withdraw money from the EPS account, he/she has to forward the form 10C to the registered PDA, who will verify and then approve of the decision. Only after the PDA approves the form, the pensioner can get the pension-related benefits.