IDFC FIRST Bank has been granted permission by the Central Pension Accounting Office (CPAO) to disburse pensions on its behalf, the bank said on Wednesday. This sanction permits All India Service officers, erstwhile Members of Parliament, retired High Court judges and Supreme Court judges, erstwhile Presidents and Vice Presidents of India, government servants, and departmental employees to avail themselves of their pensions from IDFC FIRST Bank. But the bank made it clear that retired workers of Railways, Posts, Telecom, and Defence are excluded from this scheme.
Pension Benefits with IDFC FIRST Bank
- The pension is now transferable directly into IDFC FIRST Bank savings account.
- Credit in pension through joint account with the spouse is another avenue.
- After death of the first pensioner, the family pension can continue in the same account for the spouse.
Financial Strength of IDFC FIRST Bank
Being a top private sector bank, IDFC FIRST Bank boasts a deposit base of ₹2.27 lakh crore and loans/advances amounting to ₹2.31 lakh crore, indicative of its stable financial health.
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