RBI Rule: Delay in pension? Now the bank will pay 8% interest, RBI made a new rule..

There is big news for pensioners. If the pension does not come to your account on time, then there is no need to worry now. Reserve Bank of India (RBI) has given strict orders to the bank that 8% annual interest will have to be paid on delay in pension. This rule will be applicable to retired employees of central and state government. Let us know what this new rule is, and who will get its benefit.

Interest will be given if the pension is delayed
If the pension of a retired employee is not received on time, then now the bank will have to pay compensation for that delay. RBI has given clear instructions - 8% annual interest will have to be paid.

Money will be received without complaint
The pensioner will not even have to complain to the bank for this. In case of delay, the bank itself will have to deposit the interest amount in the pensioner's account.

Since when is this rule applicable?
This rule is considered to be applicable from October 2008. That is, if there is a delay in your pension after this, then you should get interest.

Who will get interest?

This rule applies to those retired employees of the Central Government and State Government whose pension comes through the bank.

It is the responsibility of the bank
RBI has clearly said that the bank should take full responsibility for sending the pension on time. If there is any delay, then the bank will have to bear the brunt of it.

Special facility for the elderly
For pensioners above 70 years of age, the bank will provide the facility of submitting life certificate at home. They will not need to come to the bank.

Digital life certificate is also valid
Pensioners can also submit life certificate digitally through the 'Jeevan Pramaan' platform. This eliminates the tension of standing in line.

Why was this decision taken?
Many pensioners were upset due to not getting money on time. This decision of RBI has been taken to protect their interests.

Effect of RBI's strictness
Now the banks will have to take the responsibility of pension payment seriously. If they are negligent, they will have to pay compensation directly.

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