Pensioners will get facility
If you were a Central Government or State Government employee and are taking pension benefits after retirement, then this is very useful news for you. An order of the Reserve Bank of India is going to provide great convenience to the pensioners.
Money will be withdrawn if PPO is lost
The Reserve Bank of India has ordered the banks to enter the PPO number on the passbooks of the pensioners account holders of their banks. The apex bank has given such an order so that they do not have to face problems in case the PPO goes missing.
The Finance Ministry had given the order in 2014
The Central Pension Accounting Office of the Finance Ministry had issued a circular in September 2014 directing Centralized Pension Processing Centers (CPPC) and departments handling government work to ask their bank branches to enter the PPO numbers in the passbooks of pensioners.
What is PPO number?
PPO number is the number of a pension certificate (Pension Payment Order). When the services of a government employee are terminated, he gets a Pension Certificate (PPO) to receive pension. This certificate is an updated and stable source, through which the person gets his pension directly in the bank account under the pension scheme.
PPO is number 12
PPO number is of 12 digits. It is required while applying for pension and giving life certificate every year. Withdrawal of pension without PPO number is a difficult task.
Why is PPO number important?
If you want to transfer PF account from one bank to another, then you need PPO number for this. In such a situation, try to have the pension payment order number recorded in your passbook. If this number is not entered in the passbook, there may be a problem.
It is necessary to track pension online
PPO number is also required to track pension online i.e. to know pension status online. Apart from this, if you want to make any complaint related to pension, then it is necessary to provide PPO number.
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