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Monday, May 3, 2010

Pension Treasury Savings Bank (PTSB)

The State pensioners can obtain their monthly pension through their Pension Treasury Savings Bank (PTSB) today onwards.

The government order regarding thhe PTSB is as follows

G.O (P) No.230/10/Fin dated 09/04/2010 Government have accorded sanction for opening of Pension Treasury Savings Bank (PTSB) account for all Pensioners with the following conditions:

PTSB account may be opened for all pensioners without any formal application in relaxation of the provision under Rule 10 and 11 of Appendix 3 of the KTC Vol.II. The pensioners who are already drawing their pension through Nationalised Banks and those who are receiving pension through money order will have the option to join PTSB.

Application and declaration as contemplated in Rule 10 and 11 of Appendix 3 of KTC Vol II may be obtained within a period of six months.

A letter of undertaking to the extent that adjusting/recovery of excess pension/excess amount if any credited may be obtained from each account holder within a period of six months.

Account holders may be allowed six months time for filing nominations as per SB rules. Till then the nominee for the pensionary benefits will be the nominee for the PTSB also.

All pensionary benefits including terminal surrender will be disbursed only through PTSB from 1.4.2010 onwards.

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