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Attention: PTCL Pensioners Receive Your Pension Through Banks Send Your Application Now

IMPLEMENTATION OF SUPREME COURT DECISION PENSION PAYMENT THROUGH BANKS
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In response to the decision of the Honorable Supreme Court of Pakistan and State Bank of Pakistan circular No.11 dated 6th June 2009 to pay pension through Bank Accounts, a proforma was circulated to all the pensioners to obtain the option, if they want to switch over to Banks or continue receiving pension through GPOs. Accordingly, number of pensioners had opted for payment of pension through Banks.

Pension Option Form PTET in Word Format

To implement the decision in true letter & spirit, letters were written to the Banks, inviting their detailed proposals in this regard.
In the meantime State Bank of Pakistan has recently issued the Standard Operating Procedure (SOP) vide Circular # 25 dated 4th Nov. 2010 (available on the SBP website: www.sbp.gov.pk), which requires following actions/ documents to be provided by the pensioners as mentioned in the SOP under caption Responsibilities of the Pensioners, reproduced below:

Responsibilities’ of the Pensioners

i)       “. . . An ‘option’ for direct credit of pension’ specifically mentioning Bank name, branch of the Bank, branch code, full title of the Bank Account i.e. specific for the pension and account number to which pension is to be credited. The account shall not be a joint account.
ii)      A copy of CNIC.
iii)      Original PPO.
iv)     Name of GPO from where pension is being drawn.
v)      The Pensioner shall produce an indemnity Bond for aggregate amount   equivalent to six months pension, jointly with the person who is the account holder of the branch and acceptable to the bank, duly supported by a Lien or deposit of securities of indemnity bond’s amount.
“Provided that a pensioner may not execute indemnity bond if he or she authorizes the Bank to mark lien on his/ her account to the extent of six months pension, as is required from the co-indemnifier”.
vi)     The Pensioner shall be bound to produce a life certificate to pension disbursing bank branch in person or through representative, after every six months. In case of family pension, the widow/ widower, unmarried daughter or sister, as the case may be, shall produce a non- marriage certificate after every six months.
vii)     In case of transfer of Bank Account from one bank branch to another, the pensioner shall open the Bank Account at a place from where he/she wants to draw his/ her pension, route his/her application for processing through the new scheduled Bank. Pensioner shall also mention that his/her previous Bank Account has been closed.
viii)    In case of death of pensioner, the same procedure/ responsibility on the part of persons, if the pension is transferred to his/ her legal heirs, receiving pension shall become due.
xi)     The pensioner should report to Pension Paying Bank branch and this office, any over payment or discrepancy regarding payment of pension in his/her account immediately . . .”.

In line with circular and SOP, we are addressing:

a. All those Pensioners who have already opted for payment of pension through Bank Accounts to send to us a revised proforma as per specification of State Bank of Pakistan requiring a specific Bank Account for pension only.

b. All other pensioners who have not opted earlier and now intends to draw their pension through Bank Accounts.

Therefore, all the pensioners are requested to do the needful and ensure the following, as required by the SOP and fill the proforma, so that necessary action can be taken.

i. A Specific Bank Account for pension payment only
ii. This account shall not be a joint account
iii. Indemnity Bond as mentioned vide para (v) above.

After receipt of the dully filled proforma, the pensioners disburser’s half will be obtained from the concerned GPO and then Pension payment will be started through specific pension payment Bank Account specified by the pensioners. Until the completion of the registration process, the applicants will get pensions through the existing system.
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PAKISTAN TELECOMMUNICATION EMPLOYEES TRUST

OPTION FORM FOR DIRECT CREDIT OF PENSION THROUGH BANK ACCOUNT

Pensioner Information (To be filled in by the Pensioner)

PPO No.
Personnel No.
Name of Pensioner
Father/Husband Name
Family Pensioner Name
Spouse/Father/Mother Name
Pensioner NIC old#
Pensioner CNIC #
Family Pensioner CNIC#
Residential Address (Current)
Residential Address (Permanent)
Telephone No.

Cell No.

Email (if any)
Designation & Grade at the time of Retirement
GPO from where presently pension being drawn
I hereby opt to draw pension through direct credit system and have also submitted *Indemnity Bond/Lien for six months to the bank.

*The Pensioner shall produce an Indemnity Bond for aggregate amount equivalent to six months pension, jointly with the person who is the account holder of the branch and acceptable to the bank, duly supported by a lien or deposit of securities of indemnity bond’s amount.

“Provided that a pensioner may not execute indemnity bond if he or she authorizes the Bank to mark lien on his/ her account to the extent of six months pension, as is required from the co-indemnifier.”

Pensioner’s Signature/Thumb Impression

Dated

Account Verification (To be verified by the Bank)

Account Title (Name)
Account No.

(Specific only for Pension. No Joint Account is acceptable)

Branch Name/Address
Branch Code
Indemnity Bond/Lien submitted by the Pensioner

Signature/Stamp of Bank Manager

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To be issued by PTET Pension Directorate Lahore

Acknowledgement Receipt No.__________________           Signature of Officer  ______________________

Date_____________

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About Tahir Iqbal

PTCL Worker at Switching EWSD Multan Qualification = DAE (electrical) + BS(CS)

5 comments


  1. Assalaam-wa-Alikum brothers,

    I’m in Canada. Can anyone tell me how should I proceed in submitting my option to draw my pension through a bank ?
    Last year when I went back to Pakistan, I tried my level best to get my pension transferred to an authorized bank. But GPO had no information about of the SOPs (at least that what they told me) and all I could succeeded with was to get a pension account opened in a Bank. I would be greatful if anyone can send me email address, postal addres and/or telephone contact for the department that deals with the transfer of pension.

    Allah Hafiz and thanks.


  2. Drafted by Finance Division
    INDEMNITY BOND

    To,
    The Manager,
    ___________________,(Name of Bank)
    ___________________,(Branch)
    ___________________.(City)

    In compliance with the SBP’s instructions for payment of pension through your Bank branch I/we agree to indemnify you and keep you indemnified about liabilities with all sums of money whatsoever including mark-up of my Pension Account. I/we further undertake that my/our legal heirs, successors, executors shall be liable to refund excess amount, if any, credited to my/our Pension Account either in full or in installments equal to such excess amount.

    Co-Indemnifier/Nominee/Successor/ Signature:__________________________
    Next of Kin:________________________ Name of Pensioner:__________________
    CNIC:_____________________________ Date of Retirement:__________________
    Address:___________________________ PPO No:___________________________
    Signature:__________________________ Bank Account No:___________________
    CNIC: ____________________________

    Witness-1 Witness-2

    CNIC:________________________ CNIC:_________________________
    Signature:_____________________ Signature:______________________
    Date:_________________________ Date:__________________________

  3. Asghar Ud Din Farooqi

    The SOP issued by State Bank does’not provide convenience to the Pensioners, instead it amounts to give an opportunity to the banks for keeping their six months pensions for investments and taking benefit out of it.I would like to suggest the Indemnity bond and Specific bank account conditions be exempted if really they want to provide convenience to senior citizens. hon’able Chief Justice of Pakistan is requested to advise to concerned in this regard.
    Thanking you and Regard.


  4. Dear,
    If any body have draft of indemnity Bond , please publish and state also the amount of Bond paper required to be filled. barkat50@yahoo.com
    Matter most urgent. I have already sent PPO book to Lahore.


  5. Indemnity Bond requirement is confusing.

    1. What is its purpose?

    2. Is it compulsary?

    3. If a sample of an Indemnity Bond can be provided.

    4. Any other information about it.
    ——————————-
    There is a condition that The account shall not be a joint account.

    This should be waived off if the joint account is with pensioner’s successor (Spouse).

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