SBI Pension Account: How to open a Pension Account in SBI Bank? Know what are the benefits..

Apart from state, central government employees and private sector employees, common people also take advantage of pensions by investing in many schemes or with the help of government schemes. To get a pension, any person needs a bank account, which can also be called a pension account. A pension account is the same as normal savings or current account or you can convert your old bank account into a pension account.

If you are thinking of opening a pension account with the State Bank of India, here is the information on how you can open a pension account or convert an old account into a pension account. SBI currently has 57 lakh pension accounts, which SBI has 17 Central Pension Processing Centers (CPPCs) to process.

How to open a pension account?
According to the website of State Bank of India, a retired employee can open a savings or current account by visiting any branch of State Bank of India to get a pension. One can open a single account as well as a joint account with a spouse and enter the number and details of the account opened with SBI Bank in the pension form.

These documents are needed
If you have an old bank account, then you can also get converted into a pension account by giving the old account number. The online account can also be opened with the help of SBI Yoon. Documents such as Aadhar number, PAN number, mobile number and email ID are required to open an account.

When will the pension money come into the account
If the PPO number is issued online by the pension paying department, then the pension money will automatically start coming into the account. On the other hand, if the PPO number is sent offline, then the employees will have to go to the bank and give it along with the relevant documents, after which the pension money will start coming into the account. However, under certain circumstances, the pensioner is no longer required to visit the pension-paying branch.

A life certificate must be submitted
The pensioner needs to submit his life certificate and other documents to the concerned bank branch. Along with offline, you can submit a life certificate online while sitting at home. You can also take the help of the UMANG app to submit a life certificate. A life certificate is considered valid for one year.