Pensioners Life Certificate: Senior citizens getting pension can get a big relief in the coming days.
Pensioners can submit Life Certificate to any branch of the bank maintaining their Life Certificate Pension Account. The compulsion for them to submit their life certificate only in that branch where they have their pension account will end.
Life certificate can be deposited in any branch
In order to improve the customer service standard, the RBI committee headed by former Deputy Governor BP Kangu has submitted its recommendations to the Reserve Bank, taking care of the facilities of senior citizens, many important recommendations have been made.
The committee has said in its recommendation that there should be such a facility for pensioners that they can deposit their life certificate in any branch of the bank in which they have pension account. Also, to avoid crowding in a particular month, they should be allowed to submit life certificate in any month as per their wish. And every year in the same month they should be allowed to submit life certificate.
Door-step services by paying upfront
The committee has recommended that RBI regulated financial institutions should give such an option to relatives of senior citizens to avail facilities like door-step services by making upfront payment for their elders.
KYC process will be simple
In order to simplify the KYC (Know Your Customer) process, the committee recommended that RBI regulated financial institutions take steps to update KYC at regular intervals but ensure that operations in the account are not blocked. The Committee recommended that banks and financial institutions should create a centralized database of KYC of all customers linked with a unique customer identifier similar to the customer information file.
So that the customer does not have to do KYC again and again. And whenever the customer updates the KYC, the services that the customer has availed start appearing at all these places.